There are five immediate beneficiaries of President Tinubu’s N500bn largesse announced last night. They include manufacturers, households, business startups, farmers, and transporters.
Shorn of its flowery adornments, it appears Mr. Tinubu found a creative way to spend the N500bn approved by the National Assembly. The total sum to be disbursed within the next eight months is exactly N500bn. It is made up of N75bn to manufactuers, N50bn to households, N75bn to startups, N200bn to farmers, and N100bn to transporters.
Manufacturers
- Target: Manufacturing Businesses
- Type: Loan at 9% interest
- Tenor: 5 years
- Loan Amount: Up to N1.0bn each
- Beneficiary: 75 manufacturers
- Purpose: to improve productivity
Households
- Target: Street and open market businesses
- Type: Grant
- Tenor: N.A.
- Grant Amount: N50,000 per Nano business
- Beneficiary: 1,300 businesses per LGA in Nigeria
- Purpose: To help tide them over
MSMEs
- Target: MSME Startups & businesses
- Type: Loan at 9% interest
- Tenor: 3 years
- Loan Amount: From N500K – N1.0m each
- Beneficiary: MSME startups
- Purpose: to reflate the economy
Farmers
- Target: Farmers
- Type: Loan at 9% interest
- Tenor: 5 years
- Loan Amount: Up to N1.0bn each
- Beneficiary: Rice, Maize, Wheat & Cassava farmers
- Purpose: to boost food supply and drive down rising prices of basics
Transporters
- Target: Transportation Sector
- Type: Loan at 9% interest
- Tenor: 5 years
- Loan Amount: NYD
- Beneficiary: Established transporters
- Purpose: buy 3,000 units of 20-seater CNG-powered vehicles
The following represent the real beneficiari
President Bola Tinubu told the nation in an address this evening that the country saved over one trillion naira through the subsidy removal.
He pledged to release half of this money to provide relief and close he gaps in suffering, while negotiating a new minimum wage for workers.
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