In a significant development for Nigeria’s economic empowerment initiatives, the Federal Government has announced a delay in the commencement of the N150 billion loan disbursement aimed at supporting manufacturers and micro, small, and medium enterprises (MSMEs). The disbursement, initially scheduled for earlier, is now set to begin in September 2024.
The confirmation came from Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, during a meeting held in Calabar, Cross River State, with both recipients of the Presidential Grant and prospective beneficiaries of the MSME Presidential Loan. The event provided an opportunity for direct engagement between the Federal Government and beneficiaries of President Bola Ahmed Tinubu’s economic programs.
Delay Aimed at Ensuring Comprehensive Verification
Dr. Uzoka-Anite, in her address, emphasized that the postponement is a strategic move to ensure the thorough verification of the over 700,000 applications received for the loan disbursement. According to the Minister, this step is crucial in maintaining the transparency and accountability that the government is committed to in its economic initiatives.
“We understand the urgency and the need for financial support among our manufacturers and MSMEs. However, it is equally important to ensure that these funds are allocated correctly and reach the intended beneficiaries. The verification process is a key part of this commitment to transparency,” Uzoka-Anite stated.
Progress on the Presidential Loans and Grant Scheme
During the meeting, the Minister highlighted the progress made under the Presidential Loans and Grant Scheme. As of now, 660,320 nano beneficiaries, representing over 60% of the targeted 1 million, have already received disbursements across Nigeria’s 774 local governments. This substantial progress underscores the government’s dedication to supporting the most vulnerable segments of society through targeted financial assistance.
“The Presidential Loans and Grant Scheme is not just about financial aid; it’s about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract we hold with our people. The impact of this initiative is already being felt across the nation,” Uzoka-Anite remarked.
Governor Commends Federal Initiatives
Governor Prince Bassey Edet Otu of Cross River State, who hosted the event, commended the Federal Government’s efforts in economic empowerment. He noted that the Presidential Conditional Grant has been transformative for many citizens in the state, enabling small businesses to thrive and individuals to regain economic stability.
“We’ve witnessed firsthand how the Presidential Conditional Grant has been a lifeline for our people. Small businesses are flourishing, and lives are being transformed here in Cross River State. This initiative is making a real difference,” Governor Otu praised.
Looking Ahead: September Disbursement
As the September commencement date for the loan disbursement approaches, the Federal Government remains focused on ensuring that the process is smooth and effective. The Ministry of Industry, Trade, and Investment has reiterated its commitment to transparency, urging community leaders and civil society organizations to actively monitor the implementation of these palliative measures.
The N150 billion loan disbursement is part of a broader N200 billion initiative under the Presidential Conditional Loans and Grant Scheme, with N125 billion allocated to MSMEs and N75 billion earmarked for manufacturers. This funding is designed to spur growth, create employment opportunities, and contribute to the overall prosperity of Nigeria.
Conclusion
The postponement of the loan disbursement to September, while initially a cause for concern, is a reflection of the Federal Government’s commitment to ensuring that the process is fair, transparent, and beneficial to all stakeholders. As Nigeria continues on its path to economic recovery, these initiatives serve as a cornerstone for sustainable development and inclusive growth.Source: Punch.
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