Federal Government, FG has stated its readiness to disburse the N150 billion Presidential Palliatives Programme to manufacturers and micro, small and medium enterprises in the country.
This was disclosed at the weekend by the Minister of Industry, Trade and Investment, Doris Anite.
In a statement by the spokesperson, to the Minister, Terfa Gyado, Aniete said over 700,000 applicants have applied for the scheme so far.
She, however, noted that, “Disbursement is yet to start but they are finalizing the first batch. To date, about 700,000 applicants have applied,” she said.
The Minister explained that for manufacturers applying for loans up to N1 billion, applicants must choose between working capital or asset financing.
Anite stated that they will provide at least a six-month business/corporate banking relationship. And also provide additional documentation as required by the bank.
Recall that in December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme. That was part of the Presidential Palliatives Programme to cushion the impact of economic hardship in Nigeria.
The Government had dedicated N75 billion to MSMEs and another N75 billion to the manufacturing sector.
The explanation by the Minister is coming based on earlier announced plan to commence disbursement in July 2024.
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