The Federal Government announced readiness to disburse funds under the Presidential Palliative Programme.
Daily Report Nigeria reports that the funds are targeted at alleviating the heavy impact of fuel subsidy removal.
Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, in a statement on Sunday announced the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme as part of the government efforts towards battling the harsh effects of subsidy removal.
According to the statement, “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.
“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks and other stakeholders.
“Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number for verification of identity.”
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For the Presidential Palliative Loan Programme, it said, the Federal Government would disburse N75bn to micro, small and medium-sized enterprises across various sectors, and N75bn specifically to manufacturers.
The loan would be administered to the beneficiaries at a single-digit interest rate of nine per annum.
‘While MSMEs can access loan facilities up to N1m with a repayment period of three years, manufacturers can access up to N1bn to access financing for working capital with a repayment period of one year for working capital or five years for the purchase of machinery and equipment,” it stated.”
