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Sanwo-Olu Grants N2.8b Interest Free Loans To MSMEs

BY LEVI JOHNSON

Governor of Lagos State, Mr Babajide Sanwo-Olu has granted an N2.8 billion loan free to Micro, Small and Medium Enterprises (SMEs) in Lagos.

Sanwo-Olu yesterday reiterated that there would be no interest paid on the N2.8billion loans given out by the Lagos State Employment Trust Funds (LSETF).

The Governor broke the news as he announced the State Government’s new palliatives to cushion the effect of the coronavirus pandemic on micro and medium-scale businesses.

The loan beneficiaries, who cut across various sectors of the economy, now have their repayment of principal and accruing interest deferred.

Announcing the relief, the Governor said: “We are supporting small businesses. At LSETF, we have 1,170 SMEs and 2,160 Micro Enterprises across sectors in Agriculture, Education, Information Technology, Food Processing, Transport etc with the total outstanding loan balance of over N2.8 billion.

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Meanwhile, the governor rolled out bumper palliatives to cushion the effects of the ongoing lockdown of the state on its residents. The new palliatives were unveiled less than 24 hours after President Muhammadu Buhari, in a nationwide broadcast, extended the restriction of movement in Lagos, Ogun and the Federal Capital Territory (FCT).

Sanwo-Olu announced the social intervention programmes during a briefing that followed Security Council meeting held at the State House in Marina, on Tuesday.

The new scheme came on the heels of the commencement of the second part of Food Stimulus Packages being distributed to 250,000 vulnerable residents since the lockdown directive came into effect.

The Governor disclosed that the State Government was moved by the need to support and ameliorate the inconvenience being experienced by vulnerable people as occasioned by the extended lockdown.

The Government is opening food kitchens in all the local councils in the State with a target to provide one meal per day to 100,000 youths. Sanwo-Olu also announced unconditional cash transfer of undisclosed amount to 250,000 vulnerable residents and economically challenged persons who have identification numbers with Lagos State Residents Registration Agency (LASRRA).

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