Lagos State governor, Babajide Sanwo-Olu has approved a 3 months moratorium for micro, small and medium enterprises in the state, as part of reliefs to help them through the COVID-19 induced economic crisis.
— The Lagos State Govt (@followlasg) June 15, 2020
This concession covers all members of MSMEs who had taken loans from the Lagos State employment trust fund.
According to the statement from the state government, this will serve as a palliative to help cushion the effects of the pandemic on their businesses.
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“The moratorium will serve as a palliative, encourage entrepreneurship, and sustain the confidence of small scale industrialists and MSME operators in the state,” the statement said.
With this development, the businesses have been granted three months holiday from paying back their loans.
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Recall that the federal government have also granted 3-month moratorium to businesses, at the beginning of the lockdown in April.
According to the President, this concession was to provide some relief to businesses to cope with the hardships which the lockdown would cause to the businesses.