The disbursement of funds through the Presidential Palliative Programme, aimed at mitigating the impact of fuel subsidy removal, has been confirmed by the Federal Government.
The initiative, consisting of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, allocates ₦150 billion, with ₦75 billion for micro, small, and medium-sized enterprises and ₦75 billion for manufacturers.
The loan, with a nine percent interest rate, supports businesses, while the Conditional Grant Programme provides ₦50,000 grants to nano businesses across 774 local government councils. MSMEs can access up to ₦1 million loans with a three-year repayment, and manufacturers up to ₦1 billion for working capital with varying repayment periods.
The collaboration involves federal and state entities, legislators, ministers, banks, and stakeholders, emphasizing verification criteria for eligible beneficiaries.
This follows President Bola Tinubu’s announcement in July to boost SMEs, with disbursements expected between July 2023 and March 2024.
