Subsidy: FG allocates N50,000 to 1300 nano businesses across the nation

<p>President Bola Ahmed Tinubu has announced that plans by the Federal Government of Nigeria to allocate N50 billion conditional grant to one million businesses, N50,000 each to 1300 nano-businesses across 774 local governments between now and March, 2024,</p>, <p>Bola Tinubu revealed this economic intervention among other plans, during a live national broadcast, Monday, 31st July, 2023.</p>, <p>Tinubu stated that his administration is rolling out these economic interventions to reduce the burden the current economic situation has imposed on all Nigerians, especially businesses, the working class and the most vulnerable persons.</p>, <p>“What I can offer in the immediate future is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.</p>, <p>“Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets,” he stated.</p>, <p>The President that the economic difficulty results from the wasteful fuel subsidy and multiple exchange rate systems, which puts the national wealth in the hands of a few persons.</p>, <p>Tinubu maintained that removing the fuel subsidy, despite the hardship it brings to the nation’s people, is an action in the right direction, beneficial to Nigeria’s future and economic growth.</p>, <p>“The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.”</p>, <p>“Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people.</p>, <p>“Our national wealth was doled on favour