The Federal Government through the Small and Medium Enterprises Development Agency says it is currently collating accurate data on businesses eligible to access the N200bn palliative earmarked by the Tinubu-led government for small and medium-scale businesses.
According to the agency, efforts have been made to update current data to ensure there are no duplicates and funds are judiciously allocated to the actual recipients.
President Bola Tinubu, in a nationwide broadcast on July 31, had promised to strengthen the manufacturing sector by providing loan facilities as a palliative to ease economic hardship caused by the removal of fuel subsidy and exchange rate unification on small-scale businesses.
In his speech, the President said, “To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we will spend N75 billion between July 2023 and March 2024. We aim to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity.”
However, three months after the directive, the government is yet to commence disbursement of funds.
The Director General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, in a recent interview, complained about the seeming delay by the Federal government to extend the proposed N75 billion loan facilities to manufacturers, describing it as “worrisome.”
But speaking in an exclusive interview with Punch correspondent, the SMEDAN Director General, Fasanya Olawale, assured prospective recipients of receiving the loan facilities within the stipulated time adding that the government’s target is to reach each of the 774 local governments across Nigeria.