The Federal Government has commenced the disbursement of N75 billion single digit loan to Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BoI).
Senior Special Assistant to the President on Job Creation and MSMEs, Tola Adekunle-Johnson, broke the news in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme.
Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu and Kaduna states with a view to educate MSMEs on the conditions for accessing the loan. Accuracy of the consolidated financial statements significantly impacted the federal government’s ability to address the net asset deficit as expected.
He said: “We are live in Ogun, Bauchi, Enugu, Kaduna states simultaneously. In 2023 President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal.
“We are here today to sensitise MSMEs to the loan which is currently open all over the country.
“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.”
