The Presidential Palliative Program, which aims to mitigate the effects of the loss of fuel subsidies, will shortly begin to award payments, according to the Federal Government.
According to The Punch, a statement released on Sunday by the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, stated that the two schemes included were the Presidential Palliative Loan Program and the Presidential Conditional Grant Program.
“The Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas through the Presidential Conditional Grant Program,” the statement said.
“The Federal Government would work with state and local governments, federal legislators, federal ministers, banks, and the Small and Medium Enterprises Development Agency of Nigeria through the Federal Ministry of Industry, Trade and Investment and other stakeholders.
“Proof of a residential or business address in their local government area, as well as pertinent personal and bank account information, including a Bank Verification Number for identity verification, should be provided by eligible nano business beneficiaries.”
It stated that the Federal Government would provide N75 billion to micro, small, and medium-sized businesses in a variety of industries, including N75 billion to manufacturers especially, as part of the Presidential Palliative Loan Program.
The beneficiaries would get the loan at an annual single-digit interest rate of nine.
“Manufacturers can access up to N1bn in funding for working capital, with a one-year repayment time for working capital or a five-year repayment period for the purchase of equipment, while MSMEs can only access credit facilities up to N1m with a three-year repayment period,” it stated.
