FG To Begin N150bn Loans Disbursement To MSMEs In July

The federal government, on Thursday said, the disbursement of N150 billion loans to micro, small and medium enterprises and manufacturers would commence by the end of July, 2024.

The fund dedicates N75bn to MSMEs and another N75bn to the manufacturing sector.
It also disclosed that, 60 per cent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 without repayment obligations in the 774 local government areas of the country.

The minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed the latest information in a post via her official X handle on Thursday.

In December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme as part of the Presidential Palliatives Programme aimed at supporting businesses to navigate the economic crunch caused by government policies.

The minister noted the government is well aware of the current business climate and created the fund to help Nigerian businesses navigate the harsh 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. 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 thanked applicants of the Conditional Grant Scheme who are yet to be paid for continued patience, stressing that, her team have worked tirelessly to ensure this process is fair and accurate.

Reacting to complaints by aggrieved applicants, she explained that the selection was not based on who applied first but on random computer-generated selection, stating that, the ministry had hoped to complete all 1 million disbursements by now; however, the process has been delayed due to issues such as incorrect or missing data, duplicate applications, and spurious entries.

The minister added that, “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 that, “We have prioritised 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.