Nigerian Govt begins disbursement of N200bn palliative loans


Ministry Begins Disbursement of Presidential Grant Scheme to Support Businesses

Thank you for reading this post, don't forget to subscribe!

The Ministry of Industry, Trade, and Investment has commenced the disbursement of the Presidential Conditional Grant Scheme to verified applicants following a rigorous selection process.

The government, in collaboration with the Bank of Industry, announced the disbursement of three categories of funding amounting to N200 billion to support manufacturers and businesses nationwide.

In a progress update shared on the trade minister’s official social media handle on Tuesday, Doris Aniete revealed that some verified beneficiaries have already received their grants, marking the initial phase of the disbursement strategy. An additional significant disbursement is scheduled for Friday, April 19, targeting a substantial number of verified applicants.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” Aniete stated.

She clarified that while not all applicants would receive their grants on the initial date, all verified applicants would eventually receive their grants in subsequent phases of the disbursement process.

This development comes more than eight months after President Bola Tinubu announced the grant to support manufacturers and small businesses, following recent economic reforms impacting businesses in the country. Applicants were recently required to submit their National Identification Numbers as part of the grant requirements.

President Tinubu emphasized the government’s commitment to strengthening the manufacturing sector, expanding its capacity, and creating employment opportunities.

“We are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity,” President Tinubu stated.

Despite delays and complexities in the registration process, the grant scheme is now underway, providing critical support to businesses affected by economic reforms.

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:



More like this

Lawmaker seeks justice for late citizen Ogbonna killed by a Chinese national

May 22, 2024. Azonuchechi Chukwu. Chris Nkwonta, member, representing Ukwa East...

Wealthy Nations Profit from Climate Aid Meant for Developing Countries

A Reuters review of U.N. and OECD data reveals...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading