The N125 billion Presidential Palliative Programme, which aims to mitigate the effects of gasoline subsidy elimination, is set to be disbursed shortly by the federal government.
In a statement released on Sunday, Minister Doris Uzoka-Anite of Industry, Trade, and Investment revealed the news, stating that the Presidential Palliative Loan Programme and the Presidential Conditional Grant Programme were the programs in question.
A total of 774 LGAs will each get N50,000 from the federal government as part of the Presidential Conditional Grant Programme, he said.
A number of federal agencies, including the Small and Medium Enterprises Development Agency of Nigeria and the Federal Ministry of Industry, Trade and Investment, will work together with federal lawmakers, federal ministers, state and local governments, banks, and other interested parties.
“In order to be eligible to receive funds from the nano business, applicants must be able to show that they live or work in the designated area, as well as provide pertinent financial details (such as a Bank Verification Number) to prove their identity.”
Additionally, N75 billion will be distributed to manufacturers and another N75 billion to SMEs in a variety of industries.
At an annual interest rate of nine percent, the recipients would be administered the loan.
Loan facilities of up to N1 million are available to MSMEs with a three-year repayment duration, while manufacturers have access to financing of up to N1 billion with a one-year working capital repayment period or a five-year machinery and equipment acquisition repayment period, according to the statement.
You may remember that in July, President Bola Ahmed announced plans to distribute N125 billion to small and medium-sized enterprises (SMEs) and MSME businesses in all 744 of Nigeria’s local governments.
Mismob Media