The Federal Government announced on Thursday that it will begin distributing N150bn in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July.
Additionally, 60% of the intended one million beneficiaries of the Presidential Conditional Grant have already received a non-repayable financial grant of N50,000 across the country’s 774 local government areas.
This update was shared by the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, via her official X account on Thursday.
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 caused by government policies. The scheme allocates N75bn to MSMEs and another N75bn to the manufacturing sector.
Uzoka-Anite emphasized that the government recognizes the difficult business environment and established the fund to assist Nigerian businesses in coping with these 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 percent 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 those still waiting for their grants, highlighting the efforts to ensure a fair and accurate process.
She acknowledged that the goal was to complete all one million disbursements by now, but issues such as incorrect or missing data, duplicate applications, and fraudulent entries have caused delays.
Last month, Journalists exclusively reported that the government had disbursed a total of N20.11bn to 402,283 beneficiaries via 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 criticize 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.”
