The Federal Government has announced that by the end of July, it would begin the disbursement of N150bn in loans to micro, small, and medium enterprises and manufacturers.
According to The PUNCH, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, shared this update via her official X handle on Thursday.
The government also disclosed that 60 percent of the intended one million recipients of the Presidential Conditional Grant had already received a non-repayable financial grant of N50,000 across Nigeria’s 774 local government areas.
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme as part of the Presidential Palliatives Programme to support businesses struggling with economic challenges arising from government policies.
The scheme allocates N75bn to MSMEs and another N75bn to the manufacturing sector.
Uzoka-Anite highlighted the government’s awareness of the current business climate, stating the fund was established to help Nigerian businesses cope with harsh economic conditions.
“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.”
She expressed gratitude to the unpaid applicants for their patience and assured them that her team is working tirelessly to ensure a fair and accurate process.
Responding to complaints from dissatisfied applicants, Uzoka-Anite explained that the selection process is based on a random computer-generated system, not on who applied first.
She noted that although the ministry intended to complete all one million disbursements by now, delays occurred due to issues such as incorrect or missing data, duplicate applications, and invalid entries.
Last month, The PUNCH reported exclusively that the government had transferred a total of N20.11bn to 402,283 beneficiaries via their Bank Verification Numbers.
Uzoka-Anite added, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated.
“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 concluded, “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 duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation.
“Finally, it is your right as citizens to criticise 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.”
