President Bola Tinubu has disclosed that over N570 billion has been released to the 36 states of the federation to expand livelihood support for vulnerable citizens.
The President made this announcement during a televised national broadcast, urging protesters across the country to refrain from further demonstrations as his administration works to alleviate the hardships brought on by recent economic reforms.
President Tinubu explained that the country’s economy had suffered due to the implementation of short-term solutions to long-term problems. He emphasized that the removal of fuel subsidies and the unification of the foreign exchange market were necessary steps to set the economy on a path of sustainable progress.
Highlighting the federal government’s efforts to support small businesses, the President mentioned that around 400,000 nano businesses are expected to benefit from the federal government’s nano grants, with 600,000 businesses having already benefitted.
Additionally, interventions include N1 million single-digit loans to micro and small businesses, N1 billion single-digit loans to manufacturers to boost manufacturing output, and the establishment of 10 MSME hubs that have created 240,000 jobs in the past year.
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President Tinubu stated, “Also, more than N570 billion has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit.”
He added, “Furthermore, 75,000 beneficiaries have been processed to receive our N1 million Micro and Small Business single-digit interest loans, starting this month. We have also built 10 MSME hubs within the past year, created 240,000 jobs through them, and 5 more hubs are in progress which will be ready by October this year.”
“Payments of N1 billion each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth,” he continued.
Encouraging the youth population to take advantage of the opportunities provided, President Tinubu mentioned that the administration had established the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without immediate cash payments, aiming to make life easier for millions of households.
He also stated that he had ordered the release of an additional N50 billion each for NELFUND – the student loan and the Credit Corporation, from the proceeds of crime recovered by the EFCC.
Furthermore, the administration secured $620 million under the Digital and Creative Enterprises (IDiCE) program to empower young people, creating millions of IT and technical jobs to make them globally competitive. These programs include the 3 Million Technical Talents scheme, the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP).
President Tinubu’s address comes as part of his efforts to reassure the nation and demonstrate the government’s commitment to addressing the concerns and improving the livelihoods of all Nigerians.
