Govt. to support vulnerable small businesses amid rising living costs

By Busola Bamidele

Finance Minister, Professor Wale Edun, unveiled a groundbreaking intervention initiative aimed at alleviating financial strain on the less privileged and small enterprises.

The comprehensive program encompasses a direct payment mechanism, facilitating access to crucial food supplies, alongside the provision of a non-repayable grant totaling N50,000, tailored for artisans, traders, youths, and micro-enterprises.

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Speaking exclusively to Arise TV, Professor Edun underscored the government’s unwavering commitment to addressing the plight of vulnerable demographics. He emphasized the pivotal role of bolstering food security and bolstering the informal economy, a significant contributor to the nation’s economic landscape.

“The focal point now is empowering the economically disadvantaged with the means to procure essential sustenance amidst the burgeoning cost of living. Thus, revamping the direct payment system takes precedence, ensuring prompt implementation. Additionally, extending a non-repayable grant of N50,000 to artisans, traders, youths, and micro-businesses forms an integral part of this presidential intervention scheme,” he articulated.

Moreover, he reassured the public of the program’s transparency and accountability, underpinned by meticulous beneficiary identification and verification procedures through digital platforms. Continuous monitoring mechanisms will gauge the program’s efficacy in bolstering both individual welfare and the resilience of small-scale enterprises.

This intervention initiative constitutes a pivotal component of the government’s broader economic revitalization strategy, aimed at mitigating the repercussions of last year’s recession while fostering sustainable growth and prosperity.