Loan & Grant

FG to Begin Disbursement of N150bn Loans to MSMEs and Manufacturers by July End

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FG to Begin Disbursement of N150bn Loans to MSMEs and Manufacturers by July End

In a significant move to bolster the economy, the Federal Government has announced that it will commence the disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) and the manufacturing sector by the end of July. This initiative aims to support businesses grappling with the economic challenges exacerbated by recent government policies.

Presidential Conditional Grant Scheme: Progress and Challenges

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, shared this development via her official X handle on Thursday. She also highlighted that 60% of the proposed one million beneficiaries of the Presidential Conditional Grant Scheme have received a non-repayable grant of N50,000 across the 774 local government areas in the country.

The Presidential Conditional Grant Scheme, unveiled in December 2023, is part of the broader Presidential Palliatives Programme designed to aid businesses in navigating the economic downturn. The scheme allocates N75 billion to MSMEs and another N75 billion to the manufacturing sector.

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Addressing Business Climate Challenges

Minister Uzoka-Anite acknowledged the tough business climate and emphasized the government’s commitment to aiding Nigerian businesses through these difficult times. “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% of the 1 million grants,” she said.

Applicants can track the number of beneficiaries per LGA on the official grant website. The minister reassured that the final stages of vetting for the MSME and Manufacturing loans are underway, with disbursements set to begin by the end of July.

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Ensuring Fair and Accurate Selection

Addressing concerns from aggrieved applicants, Uzoka-Anite explained that the selection process is based on random computer-generated selection rather than the order of application. Despite hopes to complete all one million disbursements by now, the process has faced delays due to issues such as incorrect or missing data, duplicate applications, and spurious entries.

Last month, The PUNCH reported that the government had disbursed a total of N20.11 billion to 402,283 beneficiaries via their Bank Verification Number. “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated,” the minister added.

Emphasizing Accuracy Over Speed

The ministry has prioritized accuracy over speed to ensure fairness and eligibility in the disbursement process. Testimonial videos are being shared to showcase the positive impact of the grant, with more to come.

Uzoka-Anite also encouraged constructive feedback from citizens, urging them to avoid personal insults and hate speech. “Together, we can build a more prosperous Nigeria. Thank you once again,” she concluded.

For further details, visit the official source: The PUNCH.

If you want to apply for the Grant & Loan, you may visit this portal fedgrantandloan.gov.ng

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