The Nigerian Federal Government says the disbursement of N150 billion in loans to micro, small and medium enterprises and manufacturers would commence by the end of July 2024.
The Minister of Industry, Trade and Investment, Doris
Uzoka-Anite, disclosed this in a statement through her official X handle on
Thursday.
Uzoka-Anite said that 60 percent of the proposed one million
beneficiaries of the Presidential Conditional Grant had received a financial
grant of N50,000 without repayment obligations in the 774 local government
areas of the country.
She said, “To all applicants of the Presidential Conditional
Grant Scheme who are yet to be paid, thank you for your continued patience. The
disbursement process is still ongoing, and we have allocated about 60 percent
of the 1 million grants.
“You can track the number of beneficiaries per LGA paid so
far on grant.fedgrantandloan.gov.ng/learn-more/dis.
“We are also at the final stages of vetting for the MSME and
Manufacturing loans. Applications remain open, and disbursement will begin by
July ending.”
Recall that in December 2023, the Federal Government
unveiled the Presidential Conditional Grant Scheme as part of the Presidential
Palliatives Programme aimed at supporting businesses to navigate the economic
crunch caused by government policies.
Accordingly, the fund dedicates N75 billion to MSMEs and
another N75 billion to the manufacturing sector to help businesses in Nigeria
navigate the harsh economic realities.
DAILY POST reports that at the end of the Federal Executive
Council meeting on Thursday, President Tinubu approved an N50,000 uplift grant
for 3.6 million families in Nigeria.
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