Federal Government Initiates Distribution of Presidential Grants and Loans to Alleviate Fuel Subsidy Impact

The Presidential Conditional Grant Program targets nano businesses with a grant sum of N50,000.00 across all 774 local government areas

The Federal Government of Nigeria is set to commence the disbursement of the Presidential Conditional Grant and the Presidential Palliative Loan, aiming to mitigate the effects of fuel subsidy removal on the Nigerian populace. The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, shared this development through a press statement on Sunday.

Presidential Conditional Grant Program:

Under this program, the Federal Government plans to distribute a grant sum of N50,000.00 to nano businesses across all 774 local government areas in the country. Eligible beneficiaries are encouraged to visit the dedicated program website for additional information and to apply. The Federal Ministry of Industry, Trade and Investment, in collaboration with SMEDAN, will work with various stakeholders, including State and Local Governments, Federal Legislators, Federal Ministers, Banks, and others.

Eligible nano business beneficiaries should provide proof of their residential/business address in the local government area and furnish relevant personal and bank account information, including the Bank Verification Number (BVN) for identity verification.

Presidential Palliative Loan Program:

For the Presidential Palliative Loan Program, the government plans to disburse N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) across different sectors, with an additional N75 billion specifically allocated to manufacturers. MSMEs can access loan facilities up to N1 million, with a repayment period of three years. Manufacturers can access up to N1 billion for working capital, with a repayment period of one year for working capital or five years for machinery and equipment purchase.

Applicants for the loans can submit their applications on the program's dedicated portal. The funds will be administered at a single-digit interest rate of 9 percent per annum. The facility can be accessed through banks, and applicants must meet the risk assessment criteria of their respective banks.

These initiatives, driven by the Federal Government's commitment to promoting economic development, entrepreneurship, and financial empowerment, are expected to foster entrepreneurship, job creation, and contribute to overall economic growth.

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