May 29, 2024

Federal Government Starts Disbursement of N200 Billion Palliative Loans


President Bola Tinubu

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By Reporter

The Federal Government of Nigeria, through the Ministry of Industry, Trade, and Investment has finalized plans to begin the disbursement of N200 billion palliative loans through the Presidential Conditional Grant Scheme, earlier promised by President Bola Tinubu.

The intervention followed government determination to strengthen the capacity of manufacturers and other businesses in Nigeria.

The Trade Minister, Doris Aniete, announced the cheering development on her official X handle (formerly Twitter). She disclosed that some beneficiaries have already received their funds.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced,” the minister stated.

According to her, Friday, April 19, 2024 has been slated for further disbursement in line with the program’s phased disbursement strategy.

The disbursement shows confirmation President Bola Tinubu’s pledge to rejuvenate the manufacturing sector and enhance job opportunities. Initially announced over eight months ago, the scheme targets injecting N75 billion into 75 manufacturing enterprises by March 2024.

Each enterprise is slated to receive up to N1 billion in credit at a favorable 9% annual interest rate, with loan terms extending up to 60 months for long-term loans and 12 months for working capital.

Government sources says that Tinubu remains steadfast in his drive to alleviate the effects of all the economic reforms on businesses, and ensure positive impact on the wellbeing of Nigerians.

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