“Beneficiaries Will Not Need to Repay”: Tinubu Govt Shares N150,000 to Small Business Owners

• The administration of President Bola Tinubu recently ordered that N150,000 in federal grants be given to small businesses
• The recent grant in Ekiti accompanied the opening of the National MSMEs Clinic's third edition in Ado Ekiti, the state capital
• According to vice president Kashim Shettima, the project has the ability to create an estimated 48,000 employees annually

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Vice president Kashim Shettima disclosed that President Bola Tinubu recently ordered N150,000 in federal grants to micro, small, and medium enterprises (MSMEs).

Shettima revealed this at the opening of the Expanded National MSMEs Clinic's third edition in Ado Ekiti, the state capital of Ekiti.

According to the Vice President in a ThisDay report, the N150,000 to recipients is an outright grant with no repayment obligations.

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He said:

"I am pleased to share that the President has directed me to ensure that all outstanding exhibiting MSMEs at the Clinic today receive a grant of 150,000 Naira each. This is an outright grant, and the beneficiaries will not need to repay it. We extend our gratitude to our partners for their unwavering support”.

More about the clinic launch

The federal government recently launched the first and second editions of the Expanded National MSME Clinics in Benue and Ogun States, respectively, earlier this year.

The clinics are a series of business forums held in various cities nationwide to provide MSMEs with immediate solutions to problems they face.

The Ekiti State Ultra-Modern Fashion and Garment Hub was opened by the Vice President earlier at the Odua Textile Complex in Basiri, Ado Ekiti

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Shettima and his entourage also inspected the Adire Ekiti Hub, a pet project of the first lady of Ekiti State.

The Vice President alluded to the initiative expanding to the states of Borno and Enugu before it culminates in the National MSME Awards in the Federal Capital Territory on June 27, 2024, to honour the United Nations World MSME Day, during the launch of the third edition of the Expanded MSME Clinics in Ado Ekiti.

Shettima pointed out that guaranteeing the labour market's expansion and providing the necessary skills is the only way the Tinubu administration appeals to the land of honour and integrity.

He explained:

“Small businesses are the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition. We cannot claim to have excelled in our interventions unless they remain our top priority. Our commitment to revitalising the MSME sector ensures that these businesses continue to serve their essential buffering function.”

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The Vice President stated that although the ultra-modern MSME Fashion Hub, which he had earlier opened, competes favourably with others worldwide, it can create an estimated 48,000 jobs annually.

He stated:

“It boasts the capacity to produce a wide range of fashion gear, including military uniforms, and rivals any facility in the world. Equipped with modern-day machinery and technology, this hub holds immense potential for job creation, with projections estimating an average of 48,000 jobs annually."

Iniform Asifa told Legit.ng that Nigerians are going through hard time and need some form of grants to boost their businesses.

She said,

"The Nigerian econmy isn't friendly at all. Grants and aids to businesses should be encouraged by the government."

Tinubu govt to share N50,000 to Nigerians

Legit.ng reported the federal government has announced that only one million out of the 3.6 million Presidential Conditional Grant Scheme applicants will be selected as beneficiaries.

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The selected applicants are expected to get their funds by the end of May 2024.

The scheme offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas in the country.

Source: Legit.ng