SOKOTO: Federal University in collaboration with Nigerian Bank of Industry (BoI) have unlocked N200 billion naira for Medium and Small Enterprises (MSMEs) as grant to ease suffering cause by the removal of fuel subsidy among Nigerians.
Bank of Industry Manager in charge of Sokoto and Zamfara states, Habiba Samaila Sambawa, stated this at a one sensitisation campaign organised for beneficiaries of the Presidential grants in Sokoto.
According to her, the funds was approved from the office of President Bola Ahmed Tinubu, and BoI would disburse the grant in three segments as manager and executer of the facility across the country.
" The first segment is N75 billion naira for low income earners and beneficiaries can access up to one million naira.
" And with new development today, Mr President also approved the review of the facility in this category where a beneficiary can access up N5 million naira.
" The second segment is also N75 billion naira for SMEs where a large company as beneficiary can get up to N1 billion naira," the Manager said.
Habiba Sambawa further noted that the remaining N50 billion naira grants as the third segment, N40 billion have already being disbursed to over 800,000 beneficiaries across 774 local government areas in the country.
" N50,000 was given to Nano businesses, petty traders and artisan just to help them boost their trading and to also assist them extend their existing businesses and to protect them from total collapse," she added.
She said the balance of N10 billion naira in the third segment is in the process of disbursement to beneficiaries.
Sambawa noted that in Sokoto the scheme have so far disbursed N1.2 bn to 2,500 beneficiaries across 23 local government areas of the state.
She commended President Bola Ahmed Tinubu for the Initiative which will go a long way in reducing suffering among citizens.
The State Manager urged the beneficiaries to use the funds judicially to expand their businesses also be employers of labour and promote socioeconomic development of the country.
" beneficiaries should be warned not think the loan is a national cake, the money is disbursed accordingly, BoI would monitor the facility strictly through effective supply of raw materials and equipment for proper utilisation and mutual benefits," She warned.
The program seeks to unlock the potential of Nigeria's burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.
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The N50,000.00 (Fifty Thousand Naira) grant per beneficiary paid directly to beneficiaries' accounts cut across small businesses in the 774 local government areas (LGAs) and six council areas in the Federal Capital Territory (FCT).
The program has the potential to impact on communities nationwide significantly in all council areas across the country
Beneficiaries of the initiative have been selected through a rigorous process that includes the verification of each business owner through their National Identification Number (NIN) and their Bank Verification Number (BVN), successful applicants also met specific criteria, including owning a small business with progressive economic potential, a willingness to grow, and engage at least one additional staff member when necessary.
The Presidential Conditional Grant Scheme underscores the government's commitment to supporting small-scale entrepreneurs and driving inclusive economic growth. With a strong emphasis on inclusivity and empowerment, the PCGS is poised to make a tangible impact on the lives of small business owners and their communities across Nigeria.
The initiative is implemented by the Federal Ministry of Industry, Trade and Investment with the Bank of Industry as the Executing Agency.
Some of the beneficiaries and participants of the awareness training lauds federal government for the presidential scheme which would directly impact and improve their living standard.
