"Apply Now": FG to Disburse N150bn to Traders, Small Businesses in 774 LGAs, Sets Eligibility
- The federal government is set to commence the disbursement of N50,000 to small businesses across the 774 local government areas in Nigeria
- The minister of industry, trade, and investment stated that nano businesses would benefit from the scheme
- The federal government also said it would inject N75 billion into 75 manufacturing companies across the country
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The Nigerian government is set to start disbursement of N50,000 to small businesses in all the 774 local government areas in the country as part of efforts to ease the impact of subsidy removal.
The minister of industry, trade and investment, Doris Uzok-Anite, disclosed this.
Source: Facebook
Small businesses to get N50,000 grants
She stated that the scheme consists of the Presidential Conditional Grant for Programme and the Presidential Palliative Loan Programme targeted at Manufacturers, SMEs, MSMEs, and businesses.
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Vanguard reports that the minister said the eligible businesses should be willing to provide proof of residential or business address in their local governments and other relevant documents.
The minister said:
“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks and other stakeholders.”
“Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area and provide relevant personal and bank account information, including Bank Verification Number for identity verification.”
FG to inject N75 billion into seven manufacturing firms
The statement also said that part of the Presidential Palliative Loan Programme will allocate N75 billion to MSMEs and another N75 billion to manufacturers, with an annual interest rate of 9%.
The minister said MSMEs can access loan facilities up to N1 million with a three-year repayment period.
Additionally, she said manufacturers can obtain an N1 billion financing facility for working capital, with a repayment period of one year or five years for machinery purchase.
A promise fulfilled
In August 2023, President Bola Tinubu announced several interventions to ease the biting effects of petrol subsidy removal on businesses across Nigeria.
The decision came as labour unions threatened to embark on industrial actions over the pains caused by the subsidy removal.
The federal government promised to inject N75 billion into 75 manufacturing firms at a 9% annual interest and another N75 billion into SMEs and MSMEs.
Part of the interventions was a N75 billion loan to 75 manufacturers at 9% per annum and another N75 billion to SMEs and MSMEs nationwide.
FG releases N135.4 billion NG-CARES funds to 36 states
Legit.ng earlier reported that the Nigerian government disbursed about N135 billion to the 36 states in the country and the Federal Capital Territory Abuja following the second Independent Assessment of the outcome reached under the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) plan.
The World Bank-assisted initiative is a performance-for-results programme with a significant budget of $750 million.
The National Coordinator of NG-CARES, Abdulkarim Obaje, disclosed this in a statement issued by Suleiman Odapu, the Information and Communications Officer at NG-CARES, on Sunday, November 3, 2023, in Abuja.
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Source: Legit.ng
