President Bola Tinubu’s government has announced the commencement of disbursement of palliative loans to support manufacturers and businesses across the country.
The minister of Industry, Trade and Investment Doris Aniete, made the announcement in a tweet on Tuesday, April 16.
According to the minister, the disbursement of loans under the Presidential Conditional Grant Scheme to verified applicants has finally kicked off after an exhaustive selection process.
The government, through the Bank of Industry (BOI), had said it would be disbursing three categories of funding totalling N200 billion to support manufacturers and businesses across the country.
Aniete stated that an unspecified number of beneficiaries have received their grants.
She noted 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.”
This is coming over eight months after President Tinubu announced the grant for manufacturers and small businesses.
The grant is 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 N75 billion 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.
