President Bola Tinubu has authorized the release of over N275 billion to revive the manufacturing and Micro, Small, and Medium-sized Enterprises (MSME) sectors, aiming to mitigate the impact of fuel subsidy removal on Nigeria’s economy.
To bolster the manufacturing sector, N75 billion will be allocated between July 2023 and March 2024 to fund 75 enterprises, promoting economic growth and productivity.
The MSME sector will receive N125 billion to energize its growth, with N50 billion designated for a Conditional Grant program supporting 1 million Nano businesses across the country.
Another N75 billion will be allocated to fund 100,000 MSME start-ups at a low interest rate of 9% payable over 36 months. President Tinubu emphasized that the removal of fuel subsidy saved over a trillion Naira, which will now be directed towards developing various socio-economic sectors, including education.
The government remains committed to ensuring affordable education and providing loans to students in need, ensuring no Nigerian student abandons higher education due to financial constraints.
President Tinubu assured the public that the government is closely monitoring the exchange rate and inflation’s effects on gasoline prices and will intervene if necessary to ensure stability.
Opinion:
The steps taken by President Tinubu to allocate significant funds towards revitalizing the manufacturing and MSME sectors are commendable. By focusing on these key areas, the government aims to create jobs, boost economic growth, and promote financial inclusion. The savings from fuel subsidy removal are now being redirected towards initiatives that benefit the majority of Nigerians, contributing to a more sustainable and promising future for the country.