Govt earmarks interest-free loans of N112.2bn for young farmers, others

The Federal Government of Nigeria has set aside N112.2 billion as interest-free loans to 1.2 million Nigerians, including farmers, traders and artisans, under the Government Enterprise and Empowerment Programme (GEEP).

President Muhammadu Buhari
The initiative which is a key part part of the federal government’s social investment programme will ensure that more than a million young men and women from all states of the federation are given loans for business purposes without asking for collateral.

Laolu Akande, Senior Special Assistant to the Acting President on Media and Publicity, who disclosed this in a statement in Abuja said, “Already, under the 2016 budget, over 20,000 Nigerians in about 14 states and counting have been benefiting from GEEP. ”


According to him, beneficiaries will receive between N10,000 and N100,000 loan each with a one-time five percent administrative fee.


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