The Federal Government announced on Thursday that it would start disbursing N150bn in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July.
Additionally, the government disclosed that 60 percent of the targeted one million beneficiaries of the Presidential Conditional Grant have already received financial grants of N50,000 each, without repayment obligations, across the country’s 774 local government areas.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, shared this update on her official X handle. The Presidential Conditional Grant Scheme, launched in December 2023 as part of the Presidential Palliatives Programme, aims to support businesses affected by the economic downturn. The scheme allocates N75bn to MSMEs and another N75bn to the manufacturing sector.
Uzoka-Anite emphasized that the government is aware of the challenging business environment and created the fund to assist Nigerian businesses in navigating these tough economic conditions.
“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,” she stated. Applicants can track the number of beneficiaries per local government area on the official grant website.
She also mentioned that the final stages of vetting for the MSME and manufacturing loans are underway, with applications still open and disbursement set to begin by the end of July. Uzoka-Anite thanked applicants for their patience and assured them that her team has been working diligently to ensure the process is fair and accurate.
Responding to complaints from aggrieved applicants, she explained that the selection process is based on random computer-generated selection, not on a first-come, first-served basis. Issues such as incorrect or missing data, duplicate applications, and spurious entries have caused delays.
Last month, it was reported that the government had disbursed a total of N20.11bn to 402,283 beneficiaries through their bank accounts via their Bank Verification Numbers.
The minister noted that almost four million Nigerians applied for the N50,000 palliative grant, but only one million can be accommodated. She assured that while there might be future social intervention programs, there are no immediate plans at this time.
Uzoka-Anite urged constructive criticism and feedback, emphasizing that personal insults and hate speech are not productive and will not be tolerated. She concluded by encouraging Nigerians to work together towards a more prosperous future.
