The Federal Government, through the Central Bank of Nigeria, is set to commence the disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July.
This initiative aims to bolster the nation’s economy amidst ongoing economic challenges.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, revealed this significant development on Thursday through her official X handle.
She stated that the government has dedicated N75 billion to support MSMEs and another N75 billion to the manufacturing sector.
The disbursement process is in its final stages, with applications still open for interested businesses.
The Presidential Conditional Grant Scheme, part of the broader Presidential Palliatives Programme, was unveiled in December 2023.
This scheme is designed to help businesses navigate the economic pressures resulting from recent government policies, such as foreign exchange market harmonisation and fuel subsidy removal.
“To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 percent of the 1 million grants,” Uzoka-Anite noted.
The scheme has already provided financial grants of N50,000 each to 60 percent of the proposed one million beneficiaries across Nigeria’s 774 local government areas.
In response to complaints from applicants who have not yet received their grants, the minister clarified that the selection process was not based on who applied first but rather on a random computer-generated selection.
She acknowledged the delays in the disbursement process, attributing them to issues such as incorrect or missing data, duplicate applications, and spurious entries.
“Almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated. This means not all applicants will receive the grant,” she explained.
Uzoka-Anite emphasized that the government is committed to ensuring fairness and accuracy in the disbursement process.
Last month, the government disbursed a total sum of N20.11 billion to 402,283 beneficiaries through their bank accounts, verified by their Bank Verification Numbers (BVNs).
The minister expressed her gratitude to the applicants for their patience and urged them to provide constructive feedback without resorting to abuse or bigotry.
“Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria,” she added.