FG, BoI disburse N40b to 811,000 SMEs in 774 LGAs

The Federal Government in collaboration with the Bank of Industry (BoI), has disbursed N40 billion to 810,945 Micro, Small and Medium entrepreneurs (MSMEs) in 774 Local Government Areas across the country.

According to the bank, the disbursement is under the N50 billion Presidential Grants and Loans Scheme (PGLS) to meet the needs of one million SMEs in the country.

Flagging off the disbursement at a Town Hall meeting, on Friday, in Maiduguri, Borno state, the BoI State Manager, Mukhtar Musa disclosed: “The Bank and National Assembly, have targeted traders, Information and Communication Technology (ICT) providers, transporters, and artisans in the various trades of profession.”

In a breakdown of the disbursement, Musa said that 70% of the loans and grants are for youths and women, while 10 per cent each were also allocated to people with disabilities (PLDs), pensioners and vulnerable groups in the six geopolitical zones.

Additionally, the manager stated that each beneficiary should have their national identification cards, registered business premises and bank accounts.

Speaking on the already disbursed grants, he said: “The Northwest region has topped N10 billion, while the Northcentral and Northeast had N6.6 billion and N5.9 billion respectively,” adding that the Southeast had N4.8 billion least disbursement in 98 LGAs.
Besides, Musa said that N1.322 billion was disbursed to 26,540 beneficiaries in the 27 local government areas of Borno state.

Governor Babagana Zulum, represented by the Permanent Secretary in the Ministry of Establishment and Service Matters, Dr. Abubakar Sadik Mohammed disclosed:
“Today’s disbursement by the federal government and BoI, has targeted 26,250 beneficiaries,” stating that each of them will be granted N50,000 in reactivating their business outfits.

He, therefore, warned them against the diversion of loans and grants, while reviving their business outfits in towns and other communities in the state.