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FG Unveils N75 Billion Loan Scheme for MSMEs

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The Federal Government has started disbursing N75 billion in single-digit loans to Micro, Small, and Medium Enterprises (MSMEs) through the Bank of Industry (BOI) .

This initiative aims to empower small businesses, especially those owned by women and youths, with attractive interest rates as low as 9%.

The loan program is part of President Tinubu’s administration’s efforts to support the growth of MSMEs, which contribute significantly to Nigeria’s economy .

Tola Adekunle-Johnson, the senior special assistant to the president on job creation and MSMEs, made this known in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme.

Mr Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu, and Kaduna states, to educate MSMEs on the conditions for accessing the loan.

He recalled that Mr Tinubu approved the funds as palliatives to cushion the effect of the fuel subsidy removal.

“MSMEs can work into any Bank of Industry from today and apply for this loan. It is a single-digit loan; it is nine per cent, it is fixed, no hidden charges.

“This is the one and only single-digit loan you can get, and you can get up to N1 million.

“It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it,” he said.

The presidential aide said his office had been collaborating with BOI, an important implementing agency for the scheme.

“If you need any information, if you are not sure of anything, go to the Bank of Industry.

“Once you provide the requirements, very quickly you will get yours, immediately,” Mr Adekunle-Johnson said.

Earlier, the managing director of BOI, Olasupo Olusi, explained that the N200 billion intervention fund was established to support them towards driving economic growth and job creation.

The MD, represented by Mabel Ndagi, executive director of the public sector and interventions of BOI, said “Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential.”

He reiterated that BOI remains committed to playing its part in promoting and supporting MSMEs growth across the country.

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Presidency Debunks Misconceptions on ‘Tax Reform Bills’, Advocates Constructive Engagement

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By Alexis Uchendu

The Presidency has addressed growing misconceptions about the Tax Reform Bills currently before the National Assembly, dismissing claims that the proposed reforms aim to eliminate critical government agencies or marginalize specific regions of the country.

In a statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the government clarified that the reforms are designed to streamline Nigeria’s tax system, ease the burden on businesses, and foster a more competitive economy.

“The bills do not propose the abolition of agencies such as NASENI, TETFUND, or NITDA.

“Rather, they recommend consolidating multiple taxes into a unified system shared by these agencies until 2030.

“This ensures the agencies have sufficient time to explore alternative funding mechanisms alongside budgetary allocations,” the statement explained.

According to Onanuga, the reforms initiated by President Bola Tinubu seek to resolve longstanding concerns about the complexity of Nigeria’s tax regime, which has discouraged investment and driven businesses abroad.

By replacing inefficient earmarked taxes with a unified framework, the government aims to prioritize national development while reducing financial strain on businesses.

The Presidency criticized attempts to politicize the reform process, urging stakeholders to engage constructively during the National Assembly’s forthcoming public hearings.

Onanuga emphasized the importance of avoiding divisive rhetoric, stating:
“Leaders and citizens alike must refrain from inflaming public sentiments or polarizing the nation for political gain.

“Instead, we should focus on modernizing outdated tax laws to achieve sustainable growth and development,” he explained.

The Tax Reform Bills represent a key component of the Tinubu administration’s broader economic agenda, aimed at improving fiscal efficiency and creating a more conducive environment for investment and economic growth.

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Edo Governor Swears in Three NJC-Recommended Judges Previously Rejected by Obaseki

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By Alexis Uchendu

Edo State Governor Monday Okpebholo has sworn in three judges recommended by the National Judicial Council (NJC), rectifying a delay in their appointment under the previous administration of Governor Godwin Obaseki.

The swearing-in ceremony took place on Monday at the Government House in Benin City.

Governor Okpebholo underscored his administration’s commitment to strengthening the judiciary and upholding the doctrine of Separation of Powers.

He remarked: “In June 2023, the NJC recommended eight individuals for appointments as judges of the Edo State High Court.

“While five were sworn in by the past administration, three were excluded.

“Today, we are privileged to address that omission and ensure justice prevails,” he said.

The newly sworn-in judges—Justice Ojo Maureen Osa, Justice Okundamiya Godwin Jeff, and Justice Edoghogho Eboigbe—were urged to dispense justice without bias and protect the rights of all citizens.

Governor Okpebholo reiterated his stance against marginalization, adding: “No individual should face discrimination or hatred due to personal reasons or the absence of political godfathers.”

Speaking on behalf of the appointees, Justice Ojo Maureen Osa expressed gratitude for the opportunity and vowed to uphold justice. She assured: “We will deliver justice without fear or favor, contributing to a fair and effective judiciary. May your tenure, Governor, be marked by success and the promotion of justice for all.”

The move fulfills Okpebholo’s inauguration promise in November 2024 to address judicial challenges and ensure a robust justice system in Edo State.

The swearing-in highlights his administration’s dedication to rectifying past oversights and strengthening the judiciary for the betterment of the state.

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PAP Clarifies AGF’s Audit Report, Attributes Infractions to Previous Leadership

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By Alexis Uchendu

The Presidential Amnesty Programme (PAP), has addressed concerns raised by the Auditor-General of the Federation’s (AGF), audit report, clarifying that the alleged financial irregularities highlighted in the document occurred before the tenure of the current leadership.

The PAP confirmed that the infractions, including unauthorized withdrawals exceeding ₦6 billion and undocumented tuition payments, pertain to events from 2020 to 2021.

In a statement issued on Monday, Mr. Igoniko Oduma, Special Assistant on Media to the PAP Administrator, Dr. Dennis Otuaro, emphasized that these issues are unrelated to the present administration.

Dr. Otuaro, appointed in March 2024, has since prioritized financial accountability and operational reform within the organization.

The statement read: “Since his appointment, Dr. Otuaro has strictly adhered to extant rules and regulations governing financial transactions.

Under his leadership, the PAP office has implemented stringent financial controls and oversight mechanisms to promote transparency and accountability.”

Dr. Otuaro has also initiated a thorough review of the Programme’s operations,

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