The House of Representatives Committee on Small and Medium Enterprises convened with Minister Wale Edun to discuss crucial aspects of the implementation of presidential palliative grants and loans.
In a statement released by Chairman Mansur Soro of the House Committee, the committee aimed to assess the funding and releases to various ministries, departments, and agencies. The meeting’s focus was on ensuring transparency and effective utilization of resources in SME development initiatives.
Friday’s Investigation and Disclosure
Led by Chairman Mansur Soro, the committee conducted a thorough investigation on Friday, seeking insights into the extent of funding allocations and releases to implementing bodies. The findings were shared in a statement by the Chairman’s Personal Assistant, Aleeyu Darazo, emphasizing the committee’s commitment to accountability.
The disclosed information provides a comprehensive overview of the progress made in the distribution of presidential palliative grants and loans, demonstrating the committee’s dedication to keeping the public informed.
Engagements with Top Government Officials
Prior to the meeting with Minister Wale Edun, the House Committee on SMEs engaged with key government figures. Notable officials included Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, Accountant General of the Federation, Dr Oluwatoyin Madein, and SME Development Agency’s Director General, Charles Odii.
These engagements underline the committee’s proactive approach, ensuring a well-rounded understanding of SME-related activities and programs across various government entities.
House Committee’s Dedication to SME Development
The official statement highlighted the 10th House of Representatives’ commitment to SME development under the leadership of Tajudden Abbas. The creation of a standing committee on SMEs reflects the House’s strategic decision to provide effective oversight for SME activities.
This commitment underscores the importance placed on fostering the growth of small and medium enterprises, aligning with broader economic development goals.
Palliative Grants and Loans Structure
The statement detailed the structure of the presidential palliative grants and loans, categorizing them into three tranches. The tranches include N50,000 grants for one million nano-businesses, N100,000 to N1m for specific enterprises, and a substantial N75bn allocation for manufacturers.
This information provides clarity on the diverse financial support mechanisms designed to address the varying needs of SMEs in the country.
House Committee Announced Imminent Disbursement of Funds
The House Committee announced that the presidential palliative grants and loans are poised for imminent disbursement. With the three tranches catering to different segments of the SME sector, the committee anticipates a timely rollout of financial support.
This news highlights the proactive stance of the House of Representatives in ensuring that funds reach deserving beneficiaries promptly, contributing to the sustained growth of small and medium enterprises.
Table of Contents
Discover more from OGM News NG
Subscribe to get the latest posts sent to your email.
