BREAKING: FG Commerces Disbursement Of N200bn Palliative Loans

• FG begins Disement Of N200bn Palliative Loans

• Three categories of funding totaling N200 billion to support manufacturers and businesses nationwide.

• Delays and criticisms surround the program, but disbursements are ongoing.

EKO HOT BLOG reports that the Ministry of Industry, Trade, and Investment has initiated the disbursement of the Presidential Conditional Grant Scheme to verified applicants following a rigorous selection process.

The government, in collaboration with the Bank of Industry, pledged to disburse three categories of funding amounting to N200 billion to bolster manufacturers and businesses nationwide.

EDITOR’S PICKS

• BREAKING: Prominent Activist, Fawaz Alabi Drowns At Lagos Beach
• JUST IN: PDP’s Senator Urhoghide Officially Joins APC
• JUST IN: Suspected Yoruba Nation Agitators Invade Oyo Secretariat

In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.

She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”

“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”

N200bn Palliative Loans

This is coming more than eight months after President Bola Tinubu announced the grant for manufacturers and small businesses and two weeks after applicants were directed to submit their National Identification Numbers as part of the requirements to obtain the grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.

In the address, the president said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.

“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.

‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.

The programme, riddled with multiple delays and a complex registration process, had received several criticisms from prospective beneficiaries.

FURTHER READING 

• Mr Ibu’s Family Announces Burial Arrangement Of Late Actor
• Fire At Dosunmu Market Caused By Traders’ Recklessness – Sanwo-Olu
• Police Bust Transformer Theft Ring: AEDC Official, Five Others Apprehended In FCT Operation

The President of the Association of Small Business Owners, Femi Egbesola, had decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.

Click to watch our video of the week

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611