As part of nationwide loan schemes introduced by President Bola Tinubuto to cushion the effect of the harsh economic reality, the Federal Government has disbursed over N1.2 billion to about 2,500 entrepreneurs in Sokoto State.

This was disclosed by the State Manager of the Bank of Industry (BOI) for Sokoto and Zamfara States, Mrs Habiba Ismaila on Friday, during a town hall meeting held in Sokoto.

According to Ismaila, the Federal Government, in collaboration with BOI, introduced various types of loan schemes aimed at improving business opportunities across the country.

Also, about 2,500 people have profited from this initiative across 23 local government areas of Sokoto State, with each small-scale business owner receiving N50,000 to facilitate grassroots economic development.

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Ismaila emphasizes the importance of informing the public about these loans, urging potential beneficiaries to be cautious of scammers asking for money in exchange for access to the facility.

“The second phase, which is N75 billion, is targeting Micro, Small, and Medium Enterprises (MSMEs). Beneficiaries can now obtain up to N5 million, as increased by the President from the earlier N1 million.

“The N75 billion MSME scheme, alongside another scheme for large business owners, aims to diversify the Nigerian economy, create jobs, promote value-addition, revitalise communities, and boost exports.

“These single-digit loan facilities, with an interest rate of 9 per cent, will be complemented by ongoing tax reforms designed to reduce the tax burden on Nigerian businesses.

“The goal is to further diversify the Nigerian economy, create jobs, and enhance foreign exchange inflows,” she added.

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