The Federal Government has said that it will soon commence disbursement of funds under its Presidential Palliative Programme, targeted at alleviating the impact of the fuel subsidy removal.
A statement by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, said the programmes consisted of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
It stated, “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas.
“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria will collaborate with state and local governments, federal legislators, federal ministers, banks and other stakeholders.
“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 for verification of identity.”
For the Presidential Palliative Loan Programme, it said, the Federal Government would disburse seventy-five billion naira to micro, small and medium-sized enterprises across various sectors, and seventy-five billion naira specifically to manufacturers and the loan would be administered to the beneficiaries at a single-digit interest rate of nine per annum.