Businesses to receive grants, loans as part of subsidy palliatives

The Federal Government has said that two of its programmes targeted at alleviating the impact of fuel subsidy removal will soon kickoff.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, disclosed this at the weekend, listing the two programmes as presidential conditional grant and presidential palliative loan.

“In the presidential conditional grant programme, the federal government will disburse a grant of N50,000.00 to nano businesses across the 774 local government areas in the country.

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

“The 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, BVN, for verification of identity”, Uzoka-Anite said.

She further stated that eligible beneficiaries could get more information and apply at the website dedicated to the programme.

On the presidential palliative loan programme, the minister said: “The federal government will, similarly, disburse N75 billion to Micro, Small and Medium-sized Enterprises, MSMEs, across various sectors and N75 billion specifically to manufacturers.

“The loan shall be administered to the beneficiaries at a single-digit interest rate of nine per cent per annum.

“While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.”

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