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SUCCOUR — Transport workers and operators to benefit from N10 billion survival fund … as FG provides 75 billion naira for youth entrepreneurs


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SUCCOUR —  Transport workers and operators receive a boost as FG announces N10 billion survival fund  A statement from the Federal Ministry of Transportation today revealed that ‘’the Minister of State,  Federal Ministry of Transportation, Sen. Gbemisola Saraki, has disclosed that Federal Government has approved a ten billion (N10 billion)  survival fund for transport workers and operators to help cushion the sufferings encountered by road transport workers and operators as a result of Covid-19 pandemic. The fund is to help cushion the effect of COVID-19 on road transport workers and operators whose businesses requite a lifeline.  The fund is to help reduce the sufferings encountered by road transport workers and operators, who have been badly hit by months of being out of business during the lockdown period and restriction on interstate movements. According to a press statement that was posted on the official Twitter handle of the Federal Ministry of Information and Culture, the Minister of State for Transportation, Senator Gbemisola Saraki, disclosed the news during a courtesy call by the National Executive Committee and Trustees of Public Transport Owners of Nigeria Association (PTONA). The delegates were led by PTONA’s President, Engr Isaac Uhunwagho, to her in Abuja.  FEDERAL GOVT CHALLENGES YOUTH ENTREPRENEURS – PROVIDES 75 BILLION NIGERIAN YOUTH INVESTMENT FUND In a related development, provision has been made to cater for youths as a result of the impact of Coronavirus pandemic on various sectors of the economy. Nigerian Youth Investment Fund NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths. The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them to build businesses that will increase the employment rate. The NYIF aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%. Disbursement will be through various channels, which will include microfinance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry. Start or grow your own business with the help of a government-backed loan and free business support. A great alternative for individuals looking for business loans to fund their…

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