FG’s Grant and Loan Scheme Reaches 900,000 Nigerians, Boosts Small Businesses

The Federal Government has announced that more than 900,000 Nigerians have so far benefited from the Presidential Conditional Grant and Loan Scheme, a flagship initiative under the administration’s 8-point Renewed Hope Agenda.

This disclosure was made by the Minister of Information and National Orientation, Mohammed Idris Malagi, during a national conference held in Minna, Niger State.

Malagi stated that the scheme specifically targets small businesses, traders, artisans, and young entrepreneurs, noting that it forms part of a larger effort to drive inclusive economic growth and poverty reduction nationwide.

“The Renewed Hope Agenda is not just a policy document. It is a working blueprint already delivering real, measurable opportunities for Nigerians at the grassroots,” he said.

Social Investment to Support the Informal Sector

According to the Minister, the grant and loan scheme is one of several social investment tools deployed to assist vulnerable groups and empower the informal sector, which plays a critical role in Nigeria’s economy.

In addition to the grant initiative, the Minister highlighted other ongoing reforms and programs, including:

• Students’ Loan Scheme:
  Over 300,000 students have accessed financial support under the newly launched Students’ Loan Scheme, aimed at increasing access to higher education and reducing financial burdens.
• Bank of Agriculture Recapitalization:
  The Bank of Agriculture has been recapitalized with ₦1.5 trillion to expand agricultural financing. This move is expected to improve support for farmers, agribusinesses, and cooperatives, enhance food production, and reduce Nigeria’s reliance on imports.
• Establishment of Ministry of Livestock Development:
  A new Ministry of Livestock Development has been created to unlock the economic potential of Nigeria’s livestock sector. The government estimates the livestock economy could yield up to ₦30 trillion in value, generating jobs and investments across the country.

Fuel Subsidy Removal and Infrastructure Funding

Addressing the issue of fuel subsidy removal, Malagi acknowledged its initial impact on Nigerians but insisted it has led to increased government revenue. He stated that the additional funds are now being directed toward infrastructure, education, healthcare, and other key sectors.

He added that state governments have received improved federal allocations, enabling them to implement long-delayed capital projects.

Rebuilding the Economy with Renewed Hope

The Minister concluded by emphasizing that all these interventions reflect the Federal Government’s economic recovery strategy, aimed at rebuilding the economy, promoting self-reliance, and ensuring sustainable development for all Nigerians.