The Federal Government, under the Presidential Palliative Programme, has announced the kick-off of the Presidential Conditional Grants Programme and the Presidential Palliative Loan Programme.
The two different but related programmes are targeted at alleviating the negative impact of the economy felt by business owners. These programmes are aimed at fulfilling promises by the government of President Bola Ahmed Tinubu, to promote sound entrepreneurship, and economic development, and encourage financial empowerment as well as job creation.
The Nigerian minister for industry, trade and investment, Doris Uzoka-Anite, explained that under the Presidential Conditional Grant Programme, the grant sum of N50,000 will be disbursed to nano businesses across the 774 local government areas in the country.
The Federal Ministry of Industry, Trade and Investment will be working with a large network of stakeholders across the country such as the Small and Medium Enterprises Development Agency of Nigeria, the 36 State Governments and 774 local governments, federal legislators, federal ministers, and all major and minor banks.
Criteria for the Presidential Conditional Grant and Loan Programme
Interested nano or small business owners should be ready to provide;
- First name
- Other names
- Residential address
- Proof of residential address
- State
- Local Government Area
- A business address in their local government area
- Age (Date of birth)
- Bank account information
- Gender
- Bank Verification Number for verification of identity.
The Tinubu Government under the Presidential Palliative Loan Programme, will disburse 75 billion Naira to Medium-sized Enterprises (MSMEs) across various sectors. Also, there is a provision for another 75 billion Naira to Manufacturers. The loan shall be given to beneficiaries at an interest rate of 9 per cent per annum for 3 years.
Interested business owners can access loan facilities up to 1 million Naira from the 75 billion Naira, which they can gradually repay in 3 years. Manufacturers can also access up to 1 billion Naira repayment periods ranging from 1 year to 5 years.
“MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the programme. The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.
How to apply
Eligible beneficiaries get more information and apply at https://www.fedgrantandloan.gov.ng.
