FG N50,000 Grant Program Disbursement Date Announced by Vice President Kashim Shettima
Tuesday 19 December 2023
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Vice President Kashim Shettima has revealed the timeline for the initiation of the federal government's expansive N50,000 grant disbursement program, aimed at supporting small-scale businesses nationwide. The application portal was open from October 15 to December 18, 2023, reflecting a strategic timeframe to provide assistance to businesses in need.
In a statement, Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, highlighted the collaborative efforts between the government and the Bank of Industry to ensure the efficient disbursement of funds to eligible businesses. CONTINUE READING.....
Adekunle-Johnson emphasized that grants totaling approximately N50,000 would be provided to small businesses across the country, featuring an interest rate of 9 per cent. This adjustment aims to cater to a broader range of beneficiaries and extend the positive impact of the grant scheme to various livelihoods.
YOU MAY READ FG Palliative Grant for Small Businesses Application Closed – Check for Shortlisted Candidates Now!
The program sets an ambitious target of supporting 1 million Nigerians, including both physically challenged and non-physically challenged individuals. This inclusive approach seeks to alleviate economic challenges resulting from the removal of the petrol subsidy and provide relief to a diverse range of citizens.
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The initiative aligns with Vice President Shettima's commitment in June to expedite the distribution of palliatives to businesses, showcasing the government's proactive approach to economic recovery and support for small enterprises. CONTINUE READING.....
In July, President Bola Ahmed Tinubu announced a substantial N125 billion in funding for micro, small, and medium-sized enterprises (MSMEs) under his Presidential Palliative Loan Programme. As part of this initiative, the government allocated N50,000 for release to MSMEs across various sectors, with an additional N50,000 specifically designated for manufacturers.
This significant financial injection aims to stimulate economic growth, empower small businesses, and foster job creation on a national scale, highlighting the government's commitment to fortifying the economic landscape, especially at the grassroots level.
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