Reps Panel Meets Finance Minister, Others On Palliative Loans, Grants For SMEs

The House of Representatives Committee on Small and Medium Enterprises (SMEs) met with the Minister of Finance and Coordinating Economy, Wale Edun, to ascertain the funding extent and releases made to implementing MDAs for the presidential palliative grants and loans to SMEs.

Chaired by Hon. Mansur Manu Soro, the Committee also held discussions with the Minister of Industry, Trade and Investment, Doris Anite, the Accountant General of the Federation, Director General of SMEDAN, Mr. Charles Odii, and other government officials on intervention implementation.

These meetings ensued following the House’s resolution mandating the SME Committee to engage with government officials to ensure prompt and effective implementation of the palliative measures.

President Bola Tinubu directed the implementation of palliatives to alleviate the impacts of removing petrol subsidies across various sectors such as agriculture, transportation, social safety, and SMEs in the economy.

Following the legislative engagements, the presidential palliative grants and loans, comprising three tranches—N50,000 grants to 1 million nano businesses (solopreneurs), N100,000 – N1 million, and N75 billion to manufacturers—are slated for imminent disbursement.

Minister of Finance, Wale Edun, and Chairman House Committee on SMEs participated in the engagement.