The Federal Government has successfully disbursed a total of N1.2 billion to 24,104 beneficiaries under its Presidential Grant and Loan Scheme in Delta State, signaling a significant boost to the state’s economy.
Dr Isioma Okonta, the State Focal Person for the scheme, revealed this during a town hall sensitisation event in Asaba on Friday.
The Presidential Grant and Loan Scheme, which targets small-scale businesses and entrepreneurs, has already made a substantial impact, with many people receiving N50,000 grants.
Dr. Okonta praised the initiative for its role in uplifting individuals and promoting economic growth in Delta. “The programme is working, and many people across the state have already received their grants. I want to thank the government for the town hall sensitisation and encourage those still waiting to be patient—their grants will come,” he said.
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The N1.2 billion disbursed is part of a larger N200 billion funding set aside by the Federal Government for the scheme. Okonta emphasized that the program aims to provide financial support for nano-businesses, which are crucial to Nigeria’s growing economy.
Moses Nega, the representative of the Bank of Industry in Delta, confirmed that N1,205,150,000 had been disbursed to 24,103 beneficiaries.
He also highlighted that while the application window for the N50,000 support grants has closed, applications are still ongoing for a N75 billion fund aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) and the manufacturing sector, with an interest rate of just nine percent.
Governor Sheriff Oborevwori, represented by Orode Uduaghan, the State Commissioner for Humanitarian Affairs, expressed gratitude to the Federal Government for its commitment to economic transformation.
“This scheme will not only positively impact Delta State but will also have a ripple effect on the nation’s economy,” said Oborevwori.
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He urged more grassroots sensitisation to ensure the broader population fully grasps the program’s potential.
The Governor also advised beneficiaries to use the funds judiciously, noting that these loans and grants could significantly bolster small businesses and create long-term economic growth.
He further encouraged the public to take advantage of the available low-interest loans to grow their businesses, which will ultimately contribute to national economic stability.
