Manufacturers fault N275bn palliative loan delay

There are concerns over a purported delay in the disbursement of the N275bn palliative loan that was promised to manufacturers and Micro, Small, and Medium-sized enterprises in Nigeria.

The PUNCH reports that while other palliatives to the state government and other groups are being distributed, the manufacturing sector is yet to enjoy the palliative scheduled to end in six months (July 2024).

According to PUNCH, the development came four months after President Bola Tinubu, in a nationwide address, promised to ease the hardships faced by businesses.

In the address, President Bola Tinubu said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.

“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.

’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.InformationGuideNigeria

Unveiling other palliatives, Tinubu added, ‘’Our administration recognises the importance of micro, small, and medium-sized enterprises and the informal sector as drivers of growth.

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We are going to energise this very important sector with N125bn.JAMB Portal

“In like manner, we will fund 100,000 MSMEs and start-ups with N75bn. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9 per cent interest per annum and a repayment period of 36 months.’’NYSC Portal

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