The Federal Government has revealed its plan to initiate the disbursement of the Presidential Conditional Grant and the Presidential Palliative Loan to businesses in a bid to alleviate the impact of the removal of fuel subsidies on Nigerians.
The announcement was made by the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, through a press statement on Sunday.
“In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000.00 to nano businesses across the 774 local government areas in the country.
“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, will collaborate with State and Local Governments, Federal Legislators, Federal Ministers, Banks and other Stakeholders.
Under the Presidential Conditional Grant Programme, the government aims to disburse a grant sum of N50,000.00 to nano businesses across the 774 local government areas in the country. Eligible beneficiaries are encouraged to visit the dedicated website for the program to obtain more information and apply. The minister highlighted that the Federal Government, in collaboration with various stakeholders including State and Local Governments, Federal Legislators, Federal Ministers, Banks, and others, will oversee the implementation of this program.
“The eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area and provide relevant personal and bank account information, including Bank Verification Number, BVN, for identity verification,” the statement outlined.
In addition, the Federal Government plans to disburse N75 billion through the Presidential Palliative Loan Programme. This amount will be distributed to Micro, Small, and Medium-sized Enterprises (MSMEs) across various sectors, with a separate allocation of N75 billion specifically designated for manufacturers. Applicants can access the facility through their banks, and the loan shall be administered at a single-digit interest rate of 9 percent per annum.
MSMEs can apply for loan facilities up to N1 million, with a repayment period of three years. Meanwhile, manufacturers can access up to N1 billion to secure financing for working capital, with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.
“The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks,” the minister stated.
The Federal Government expressed confidence that these initiatives will foster entrepreneurship, job creation, and economic development, aligning with its commitment to promote financial empowerment.
