President Bola Ahmed Tinubu has approved N50 billion for small businesses and promised workers that a new minimum wage will be announced. Tinubu said this in his nationwide broadcast on the state of the economy while appealing to Nigerians to persevere in the current pains of the removal of fuel subsidy. “Our administration recognises the…President Bola Ahmed Tinubu has approved N50 billion for small businesses and promised workers that a new minimum wage will be announced.
“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion,” Tinubu said. Tinubu said the programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system.He explained that the government plans to fund 100,000 MSMEs and start-ups with N75 billion – under a scheme where each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
“I want to tell our workers this: your salary review is coming,” Tinubu said. “Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.”