In a significant move to mitigate the economic impact of the recent fuel subsidy removal, the Federal Government Unveils the imminent commencement of its Presidential Palliative Programme. This strategic initiative, spearheaded by the Minister for Industry, Trade and Investment, Dr. Doris Uzoka-Anite, encompasses two pivotal components – the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
Under the Presidential Conditional Grant Programme, the Federal Government Unveils is set to disburse a grant sum of N50,000 to nano businesses operating across the nation’s 774 local government areas. This comprehensive effort involves collaboration between the Federal Ministry of Industry, Trade and Investment, the Small and Medium Enterprises Development Agency of Nigeria, state and local governments, federal legislators, federal ministers, banks, and other key stakeholders.
Eligible nano business beneficiaries are required to furnish proof of residential or business address within their respective local government areas. Furthermore, they must provide essential personal and bank account details, including the Bank Verification Number for identity verification purposes.
In tandem, the Presidential Palliative Loan Programme will see the disbursement of N75 billion to micro, small, and medium-sized enterprises (MSMEs) across diverse sectors, with an additional N75 billion earmarked specifically for manufacturers. These loans will be administered at an advantageous single-digit interest rate of nine percent per annum.
MSMEs have the opportunity to access loan facilities up to N1 million, with a manageable repayment period of three years. On the other hand, manufacturers can secure loans of up to N1 billion. The financing for working capital comes with a flexible repayment period of one year, while the purchase of machinery and equipment enjoys an extended repayment period of five years.
This multifaceted initiative underscores the government’s commitment to supporting businesses of varying scales and sectors, fostering economic resilience and growth in the wake of policy adjustments. As the disbursement phase looms, stakeholders eagerly anticipate the positive impact these programmes will have on the economic landscape, providing a much-needed boost to businesses navigating the evolving financial terrain.
For more news visit https://arritoneconsult.com.ng/blog
For more educational post visit examhood.com.ng