The Federal Government on Thursday announced that the disbursement of N150bn loans to micro, small and medium enterprises and manufacturers would commence by the end of July.
This was contained in a statement by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite. She revealed this in the latest information in a post via her official X handle on Thursday.
According to the Minister, about 60 per cent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 in the 774 LGAs in the country. “The loan,” she said, “is without repayment obligations in the 774 local government areas of the country.
Recall that in December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme. That was part of the Presidential Palliatives Programme aimed at supporting businesses to navigate the economic crunch caused by government policies.
According to reports, the Fund dedicates N75bn to MSMEs and another N75bn to the manufacturing sector.
Speaking on the scheme, the Minister pointed that Government is well aware of the current business climate. Therefore, it created the fund to help Nigerian businesses navigate the harsh economic conditions.
She said, “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 per cent of the 1 million grants.
“You can track the number of beneficiaries per LGA paid so far on grant.fedgrantandloan.gov.ng/learn-more/dis.
“We are also at the final stages of vetting for the MSME and Manufacturing loans. Applications remain open, and disbursement will begin by July ending.”
The Minister also thanked applicants of the Conditional Grant Scheme who are yet to be paid for continued patience. She stressed that her team have worked tirelessly to ensure the process is fair and accurate.
She, however, explained that the selection was not based on who applied first. But on random computer-generated selection.
Uzoka-Anite stated that the ministry had hoped to complete all 1 million disbursements by now. She, however, regretted that the process has been delayed due to issues. Such as incorrect or missing data, duplicate applications, and spurious entries.
Recall that in June, The PUNCH exclusively reported that the Government had disbursed a total sum of N20.11bn to 402,283 beneficiaries to their bank accounts via their Bank Verification Number.
But responding to the report, the Minister added, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k. She regretted that only 1 million beneficiaries can be accommodated.
She said, “This means not all applicants will receive the grant. The selection is not based on who applied first. Everyone has an equal chance but by random computer-generated selection.
“While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time.
“The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared. Showcasing how the grant has positively impacted lives. And we will share many more,” she said.
“We have prioritized accuracy over speed to ensure every Nigerian who applied has a fair shot. We had hoped to complete all 1 million disbursements by now. But the process has been delayed due to incorrect or missing data and duplicated and spurious applications. Which we have had to meticulously clean-up to ensure eligibility and validation.
“Finally, it is your right as citizens to criticize and hold the government accountable. However, we encourage 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. Thank you once again,” the Minister said.
source: PUNCH
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U