Naira Notes
The Federal Government announced on Thursday that the disbursement of N150bn in loans to micro, small, and Medium enterprises (MSMEs) and manufacturers will begin by the end of July.
It also disclosed that 60 percent of the one million intended beneficiaries of the Presidential Conditional Grant had received financial grants of N50,000 without repayment obligations across the country’s 774 local government areas.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, shared this update via her official X handle.
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme under the Presidential Palliatives Programme.
This initiative is designed to help businesses cope with the economic challenges brought on by recent government policies.
The fund allocates N75bn to MSMEs and an additional N75bn to the manufacturing sector.
The minister emphasized that the government is fully cognizant of the present business environment and established the fund to assist Nigerian businesses in overcoming the challenging 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.”
She expressed gratitude to the applicants of the Conditional Grant Scheme who have not yet received their payments, appreciating their patience, she emphasized that her team has been working diligently to ensure the process is fair and precise.
Addressing complaints from disappointed applicants, she clarified that the selection process was random and computer-generated, rather than based on the order of application.
She mentioned that the ministry aimed to finalize all 1 million disbursements by now, but progress has been hindered by problems such as incorrect or incomplete data, duplicate applications, and fraudulent entries.
In an exclusive report last month, The PUNCH revealed that the government had disbursed a total of N20.11bn to 402,283 beneficiaries through their bank accounts using their Bank Verification Numbers.
The minister 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 added, “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.”
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