In an effort to mitigate the impact of the fuel subsidy removal, the Federal Government announced that it will soon start paying out funds under the Presidential Palliative Program.

The Minister of Industry, Trade, and Investment,nit Dr. Doris Uzoka-Ae, said in a statement that the two programs were the Presidential Conditional Grant Program and the Presidential Palliative Loan Program, over the weekend.

“The Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas through the Presidential Conditional Grant Programme,” the statement said.

 

“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks and other stakeholders.

“Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number for verification of identity.”

As part of the Presidential Palliative Loan Program, it said that the Federal Government would give N75 billion to micro, small, and medium-sized enterprises across a range of industries, with N75 billion going specifically to manufacturers.

The beneficiaries would pay a single-digit annual interest rate of nine for the loan.

“Manufacturers can access up to N1bn to access financing for working capital with a repayment period of one year for working capital or five years for the purchase of machinery and equipment,” the statement said. “MSMEs can access loan facilities up to N1m with a repayment period of three years.”