Tinubu’s minister confirms that N150bn palliative funds will soon be disbursed to small businesses, offering relief and economic support.
Under the leadership of President Bola Tinubu, the Federal Government is preparing to disburse N150 billion through the Presidential Palliative Programme. The scheme’s primary objective is to bolster manufacturers as well as micro, small and medium enterprises (MSMEs).
Over the weekend, Doris Aniete – Minister of Industry, Trade and Investment – released a statement via her spokesperson Terfa Gyado.
Aniete reports that to date, more than 700,000 applications have been received for the program.
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She said that they are currently finalizing the first batch even though disbursement has not begun. Approximately 700,000 applicants have shown interest up to this point.
In addition, she made it clear that manufacturers who are asking for loans of up to N1 billion must decide between choosing working capital or asset financing. These applicants need to maintain a business or corporate banking relationship with the bank for at least six months and provide any other necessary documents as requested by the financial institution.
The Presidential Conditional Grant Scheme was launched by the Federal Government in December 2023 as a part of the extensive Presidential Palliatives Programme aimed at reducing economic hardships faced by Nigeria.
An amount of N75 billion was assigned by the government for MSMEs, while an extra sum of N75 billion was provided to aid the manufacturing industry.
Earlier, the disbursement was announced by the Minister to initiate in July 2024.
