Tinubu promises N50,000 each for 1,300 SMSE owners as part of interventions to tame worsening hardship

..gives workers hope of pay rise

President Bola Tinubu says the federal government is making plans to support Micro, Small and Medium Enterprises, MSMEs, in the country with the sum of N125 billion.

Speaking in a nationwide broadcast, President Tinubu stated that 1,300 MSMEs business owners will be given a grant of N50,000 each.

The President noted that the SMEs will be drawn from the 774 local governments across the country.

According to him, his administration recognises the importance of micro, small and medium enterprises and the informal sector as drivers of growth.

The President pointed out that the programme is also meant to drive financial inclusion.

According to him, this would be done by onboarding beneficiaries into the formal banking system.

The President pointed out that 100,000 MSMEs and start-ups would also be fund with N75 billion.

He explained that Under this scheme, each enterprise promoter will be able to get between N500,000 and N1 million at 9 percent interest per annum and a repayment period of 36 months.

On the anticipated pay rise for workers, said that the federal government is working with the Labour unions on a new national minimum wage for Nigerian workers.

The President promised that the upward review will be reflected in the next budget once the agreement is done with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

He said, “In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

“Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.”

Tinubu’s national broadcast comes amid concerns over the serious economic pressure experienced in the country since he assumed office on May 29.

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