In an effort to expedite the prompt execution of the small and medium enterprises (SME) component of the presidential palliative grants and loans, the House Committee on SME, led by Chairman Hon Mansur Manu Soro, recently convened with the Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun. The purpose of the meeting was to assess the funding status and releases made to implementing Ministries, Departments, and Agencies (MDAs).
This meeting follows prior discussions between the House Committee and officials such as the Honourable Minister of Industry, Trade and Investment, Mrs. Doris Anite, as well as the Accountant General of the Federation and DG/CEO of SMEDAN, Mr. Charles Odii.
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Aleeyu Darazo, Personal Assistant, New Media to the Committee Chairman on SME, emphasized that the 10th House of Representatives, under the leadership of Rt Hon Tajudden Abass, prioritizes SME development. As a testament to this commitment, a standing committee on SME was established to ensure effective oversight of SME activities and programs within line MDAs.
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The presidential palliative grants and loans, distributed across three tranches, include N50,000 grants for 1 million nano businesses, N100,000 – N1 million for eligible recipients, and N75 billion allocated to manufacturers. These funds are slated for imminent disbursement.
It’s worth noting that President Bola Tinubu directed the implementation of palliatives in July 2023 to mitigate the impact of the removal of the petrol subsidy across key sectors, including agriculture, transportation, social safety, and SMEs.
Subsequently, the House of Representatives passed a resolution mandating its committee on SME to engage with government officials, ensuring the timely and effective implementation of the palliative measures.
Source: DailyPost.NG.
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