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FG To Commence Disbursement Of N125bn Grants To SMEs, Manufacturers

In order to lessen the effects of the elimination of fuel subsidies, the federal government says it would shortly begin disbursing funds under its N125 billion Presidential Palliative Programme.

This was revealed in a statement on Sunday by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment. She said that the programs included the Presidential Palliative Loan Program and the Presidential Conditional Grant Program.

The Federal Government would give N50,000 to nanobusinesses in each of the 774 local government districts as part of the Presidential Conditional Grant Program.

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

“Proof of a residential or business address in their local government area, as well as pertinent personal and bank account information, including a Bank Verification Number for identity verification, should be provided by eligible nanobusiness beneficiaries.”

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