Nigerian govt announces date to commence payment of N150bn SMEs, manufacturers loan

  

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.