FG begins disbursement of ₦200bn palliative loans to verified applicants

The Federal Government through the Ministry of Industry, Trade and Investment has commenced disbursement of the Presidential Conditional Grant Scheme to verified applicants.

Doris Aniete, the trade minister announced the development in a statement posted on her official X handle on Tuesday, April 16, 2024.

The FG, although the Bank of Industry, had promised to disburse three categories of funding totalling ₦200bn to support manufacturers and businesses across the country.

While providing a progress report in her post, the minister said an unspecified number of beneficiaries have already received their grants.

According to her, 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.”

In 2023, after President Bola Tinubu announced the grant scheme, manufacturers and business owners were directed to submit their National Identification Numbers as part of the requirements to obtain the grant aimed at cushioning the adverse effects of the president’s economic reforms on businesses.

“We are going to spend ₦75bn 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 ₦1bn credit at 9% per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.