Breaking News: Federal Government Commences Distribution Of N200 Billion Palliative Loans

The Ministry of Industry, Trade, and Investment has officially initiated the disbursement of N200 billion palliative loans through the Presidential Conditional Grant Scheme.

This announcement followed a rigorous selection process to identify eligible applicants, signaling a major push to fortify the economic landscape for manufacturers and businesses across Nigeria.

According to a recent update from Trade Minister, Doris Aniete, on her official X handle (formerly Twitter), some beneficiaries have already received their funds.

She wrote: “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced.”

She also reassured that larger payouts are scheduled for Friday, April 19, as part of the program’s phased disbursement strategy.

This disbursement represents a notable stride in realizing President Bola Tinubu’s pledge to rejuvenate the manufacturing sector and enhance job opportunities. Initially announced over eight months ago, the scheme targets injecting N75 billion into 75 manufacturing enterprises by March 2024. Each enterprise is slated to receive up to N1 billion in credit at a favorable 9% annual interest rate, with loan terms extending up to 60 months for long-term loans and 12 months for working capital.

Despite the program’s ambitious goals, it has faced considerable hurdles, including a complex registration process and delays that have sparked criticism from potential beneficiaries. Femi Egbesola, President of the Association of Small Business Owners, expressed concerns about the slow pace of data collation by supervising agencies, suggesting that “genuine businesses were being deliberately discouraged from accessing the loans.”

However, the government remains steadfast in its endeavor to alleviate the effects of recent economic reforms on businesses, ensuring that all authenticated applicants will ultimately reap the benefits of the scheme in subsequent phases. While the disbursement progresses, stakeholders hold optimism for a more streamlined implementation that will foster sustainable economic growth and structural transformation within the country’s crucial economic sectors.

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