Finance
2023/2024 Federal Government Business Loan Initiative Unveiled
In a landmark move, the Federal Government has launched a transformative cash transfer program, committing to provide N25,000 to 15 million households monthly. President Bola Tinubu, in fulfillment of a campaign promise, officially inaugurated the initiative, targeting households across the nation for a monthly financial boost.
The inauguration ceremony took place on the occasion of the International Day for the Eradication of Poverty. Senator George Akume, representing the President, highlighted the government’s strategic commitment to tackling poverty, setting the tone for a comprehensive approach.
Under the theme “Decent Work and Social Protection: Putting Dignity in Practice for All,” President Tinubu outlined a series of proactive measures aimed at ensuring access to dignified employment and sustained social protection for every Nigerian.
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Dr. Betta Edu, the Minister of Humanitarian Affairs, disclosed that over the course of three months, 15 million households nationwide would benefit from the N25,000 cash transfer. She emphasized the rigorous verification process, including checks on National Identification Numbers (NIN) and Bank Verification Numbers (BVN), as well as confirming precise locations, to ensure the funds reach deserving recipients.
Mr. Wale Edun, the Finance Minister and Coordinating Minister of the Economy, echoed the President’s unwavering commitment to poverty reduction, underscoring the urgency of addressing the current unacceptable poverty rate in the country. He reiterated that poverty alleviation stands as a top priority for the President.
Shubham Chaudhuri, the World Bank Representative to Nigeria, highlighted the effectiveness of programs like conditional cash transfers in providing crucial support to vulnerable citizens during economic crises. He emphasized the importance of such assistance in preventing long-term consequences, such as insufficient daily meals or the withdrawal of children from school.
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The Federal Government has declared its intention to provide assistance to both small and large businesses as part of efforts to revive the country’s struggling economy. Furthermore, the student loan program is set to commence in the upcoming session.
The Permanent Secretary in the Federal Ministry of Education, David Adejo, revealed this information in Abuja during a meeting with the House of Representatives Committee on Student Loans.
He mentioned that President Bola Tinubu has instructed the finalization of necessary procedures for the implementation of student loans, targeting a commencement date in September 2023.
The permanent secretary emphasized that the president has established a coordinating committee, chaired by his Chief of Staff, Hon. Femi Gbajabiamila. This committee includes key entities such as the Central Bank of Nigeria (CBN), the Federal Budget Office, the Ministry of Education, the Ministry of Finance, among others.
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(2million Naira above)
Adejo also refuted the rumor circulating that the signing of the Students Loan Act had led to several federal universities raising their fees.
While acknowledging the recent unfortunate increase in charges by federal universities in the country, he clarified that no federal university is authorized to collect tuition fees from students.
He stated, “What they collect is charges to cover the cost of accommodation, ICT, and power, among others. It is the governing councils of the universities that have the power to approve such charges for them.
“The only university that increased charges after the signing of the student loans act is the University of Lagos. They came to the ministry with a proposal to increase their charges because all governing councils were dissolved, and we gave them approval.
“Immediately that was done, there was a resolution from the House stopping the increase of fees, and the president also gave a directive stopping any increase in fees, and that is where it is, even though several others have brought their proposal.”
The permanent secretary further elucidated that the charges collected by the institutions are utilized to cover some of their services, including electricity bills. He justified the universities’ need for an increase in charges, stating that, despite the charges, the universities have struggled to meet some of their expenses.
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Microfinance entails delivering financial services to individuals or groups with low incomes who are typically excluded from traditional banking. The primary focus of most microfinance institutions is to provide credit in the form of small working capital loans, commonly referred to as microloans or microcredit.
Microfinance aims to extend financial services to economically disadvantaged individuals who are traditionally overlooked by mainstream financial institutions. In Nigeria, a significant portion of the population still lacks access to financial services.
Varieties of Microfinance Institutions (MFIs) include Village Savings and Credit Associations (VISACAs), Finance Companies (FCs), and Fiduciary Financial Institutions (FFIs).
Apply for the 2 million Naira SMEDAN Loan Programme
Requirements for Applying for a Microfinance Loan:
- Business Proof: It is essential to demonstrate ownership of a business, whether small or large, to qualify for a microfinance loan, as this type of loan is not accessible to salaried workers.
- Citizenship Proof: Applicants must establish that they are documented residents of the country to be eligible for the microfinance loan.
- Residency Proof: Submission of a valid proof of residency, such as a utility bill or bank statement, is mandatory for eligibility for this loan.
How to Apply for a Microfinance Loan: Visit a nearby Microfinance institution of your choice, ensuring they offer favorable interest rates, and proceed with the application process.
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SMEDAN, the Small and Medium Enterprises Development Agency of Nigeria, is a dedicated entity focused on fostering the growth of small and medium enterprises (SMEs). In collaboration with the Federal Republic of Nigeria, SMEDAN is extending substantial loans to business owners, contributing to economic development as the new government emphasizes stability.
According to a statement from the Corporate Affairs Division of the Agency in Abuja, Dr. Dikko Umaru Radda, the Director-General and Chief Executive Officer of SMEDAN, expressed the commitment of both institutions to the success of this initiative for the benefit of Nigerian Micro and Small Enterprises (MSEs).
The Matching Fund initiative, which opened its portal to the public on February 22, 2022, is a strategic intervention designed to provide credit to the agri-business sub-sector. Its goal is to enhance enterprise output, competitiveness, and job creation, aligning with the broader objective of fostering economic growth.
Dr. Radda further highlighted that Jaiz Bank Plc will serve as the disbursing entity under this program, solidifying its role as the Agency’s latest partner in this initiative.
The collaboration aims to facilitate the effective distribution of funds and support the growth of businesses in Nigeria. As business owners, this presents a unique opportunity to access substantial financial support to fuel the expansion and development of your enterprises.
To take advantage of this initiative, prospective applicants are encouraged to explore the opportunities presented by the SMEDAN Loan Initiative, signaling a positive step toward the economic empowerment of SMEs in Nigeria.
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