President Bola Tinubu says his administration will spend N75 billion to boost the manufacturing sector between July 2023 and March 2024, following the hardship occasioned by fuel subsidy removal.
“To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024,” the President said during a national broadcast on Monday.
“Our objective is to fund the minimum of 75 enterprises with great potential to kickstart sustainable economic growth, accelerated structural transformation and improved productivity.”
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According to him, each of these manufacturing enterprises will have access to N1 billion credits at a maximum of nine per cent per annum with a maximum of 60 months’ repayment for long-term loans and 12 months for working capital.
Tinubu spoke in the light of four executive orders he signed earlier this month “in keeping with my electoral promise to address some friendly fiscal policies and multiple taxes that are stifling the business environment”.
He added that the executive orders on suspension and deferred commencement of some taxes would provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.