FG to Begin N150bn Loan Disbursement to MSMEs and Manufacturers

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FG to Begin N150bn Loan Disbursement to MSMEs and Manufacturers

On Thursday, the Federal Government announced that the disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) and manufacturers would commence by the end of July.

Additionally, it was disclosed that 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant have received a financial grant of N50,000 without repayment obligations across the 774 local government areas of the country.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, shared this update via her official X handle.

In December 2023, the Federal Government launched the Presidential Conditional Grant Scheme as part of the Presidential Palliatives Programme to support businesses amid economic challenges caused by government policies. The fund allocates N75 billion to MSMEs and another N75 billion to the manufacturing sector.

Acknowledging the current business climate, the minister emphasized the fund’s role in helping Nigerian businesses navigate harsh economic conditions.

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“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 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,” Uzoka-Anite said.

“We are also at the final stages of vetting for the MSME and Manufacturing loans. Applications remain open, and disbursement will begin by July end,” she added.

The minister thanked applicants for their patience and assured that her team is working tirelessly to ensure a fair and accurate process.

Responding to complaints from applicants, she explained that selection is based on random computer-generated selection, not on a first-come-first-served basis. The process has been delayed due to issues such as incorrect or missing data, duplicate applications, and spurious entries.

The government has already disbursed N20.11 billion to 402,283 beneficiaries via their Bank Verification Numbers.

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“It’s important to note that almost 4 million Nigerians applied for the Palliative grant of N50,000, but only 1 million beneficiaries can be accommodated. This means not all applicants will receive the grant. While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time,” Uzoka-Anite stated.

“The teams in my office and the BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are being shared, showcasing how the grant has positively impacted lives, and we will share many more,” she added.

Uzoka-Anite emphasized the importance of constructive criticism and holding the government accountable. “However, we encourage constructive feedback without resorting to abuse or bigotry. Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria. Thank you once again,” she concluded.


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