FG shares new update as Nigerians begins sharing 25K

• According to the Federal Government, 25 million Nigerians have already benefited from the conditional cash transfer of N25,000
• According to Minister of Finance and Coordinating Minister of the Economy, five million households have benefited from the direct transfer
• He added that half a million Nigerian students had now received more than N90 billion in student loan payments

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Federal Government on Thursday said 25 million Nigerians have so far received the N25,000 conditional cash transfer.

Five million households have benefited from the direct transfer. Photo Credit: FG alert
Source: Getty Images

The minister of finance and coordinating minister of the economy, Wale Edun, disclosed this while briefing State House Correspondents shortly after the National Economic Council meeting chaired by Vice President Kashim Shettima.

He enumerated the steps taken by President Bola Tinubu’s administration to provide relief for Nigerians following the sufferings occasioned by the removal of subsidies and other policy reforms being implemented by the government.

According to him, five million households have benefited from the direct transfer.

He also disclosed that in the last five days, no fewer than 11,000 beneficiaries have received N3.5 billion from the consumer credit scheme.

He further said over N90 billion has so far been disbursed to half a million Nigerian students under the student loan scheme.

FG, BOI open application portal

Legit.ng reported that the Bank of Industry (BoI) has launched an application portal for Nigerians to access the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.

BoI representative Amina Habu Mohammed announced the start of the application process during a press conference on a Memorandum of Understanding (MoU) signed between the Nigerian Association of Small-Scale Industrialists (NASSI) and the Bank of Industry.

According to Amina, the fund plans to give N1 million each at a 9% interest rate for three years without collateral.

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Source: Legit.ng