The Nigerian federal government has announced its impending disbursement of funds through the N125 billion Presidential Palliative Programme, aimed at mitigating the effects of the fuel subsidy removal.
Doris Uzoka-Anite, the Minister for Industry, Trade and Investment, revealed in a statement on Sunday that the initiative comprises the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
Under the Presidential Conditional Grant Programme, the federal government plans to distribute N50,000 to nano businesses across the 774 local government areas. Uzoka-Anite emphasized collaboration with various stakeholders, including state and local governments, federal legislators, federal ministers, banks, and others.
Eligible nano business recipients are required to provide proof of residence or business address in their local government area, along with relevant personal and bank account details, including the Bank Verification Number for identity verification.
Furthermore, the government will allocate N75 billion to micro, small, and medium-sized enterprises (MSMEs) across various sectors, and an additional N75 billion specifically designated for manufacturers. The loans will carry a single-digit interest rate of nine per annum.
MSMEs can access loan facilities up to N1 million with a repayment period of three years, while manufacturers can secure up to N1 billion for working capital with a one-year repayment period or five years for the acquisition of machinery and equipment.
This initiative follows President Bola Ahmed’s July announcement of plans to disburse N125 billion to SMEs and MSME businesses across the 774 local governments in Nigeria.
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