Presidential Grants: FG Updates

Presidential Grants: FG Updates

The Federal Government is getting ready to start two programs that will help reduce the impact of fuel subsidy removal. These programs are the presidential conditional grant and the presidential palliative loan.

Presidential Conditional Grant

In the presidential conditional grant program, the government will give a grant of N50,000.00 to nano businesses in all 774 local government areas in the country. The Federal Ministry of Industry, Trade and Investment, and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will work together with state and local governments, federal legislators, ministers, banks, and other stakeholders to make this happen.

To be eligible for the grant, nano business owners must provide proof of their residential or business address in their local government area. They also need to provide personal and bank account information, including their Bank Verification Number (BVN), for identity verification. More information and the application process can be found on the dedicated program website.

Presidential Palliative Loan

The federal government will also disburse N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) across various sectors, and an additional N75 billion specifically to manufacturers. The loan will have a low-interest rate of nine percent per annum.

MSMEs can access loan facilities up to N1 million with a repayment period of three years. Manufacturers, on the other hand, can access up to N1 billion for working capital with a repayment period of one year, or five years for the purchase of machinery and equipment.

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Conclusion

These programs aim to provide financial support to businesses affected by the removal of fuel subsidies. By offering grants and loans, the government hopes to alleviate the impact and help businesses recover and grow.

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