The Nigerian government has announced plans to soon begin the disbursement of N150 billion in palliatives under the Presidential Palliative Program. This initiative is targeted at providing financial support to manufacturers, as well as micro, small, and medium enterprises (MSMEs) across the country.
Announcement
by the Minister of Industry, Trade, and Investment
Doris
Aniete, the Minister of Industry, Trade, and Investment, made the announcement
over the weekend through a statement issued by her spokesperson, Terfa Gyado.
According to the minister, the government is in the final stages of preparing
the first batch of disbursements.
“So
far, over 700,000 applications have been submitted for this scheme. While
disbursement has not yet started, we are finalizing the first batch of
beneficiaries,” Aniete stated.
Details
of the Palliative Scheme
The
N150 billion Presidential Palliative Program is divided equally between MSMEs
and the manufacturing sector, with N75 billion allocated to each. The
initiative was first introduced in December 2023 as part of the Presidential
Conditional Grant Scheme, designed to mitigate the economic challenges facing
businesses in Nigeria.
For
manufacturers seeking loans of up to N1 billion, the program offers the option
to choose between working capital and asset financing. To qualify, applicants
must have maintained at least a six-month business or corporate banking
relationship and submit additional documentation as required by the
participating banks.
Background
and Expectations
The
Presidential Palliative Program was created in response to the growing economic
hardship in Nigeria, aiming to provide much-needed financial relief to key
sectors of the economy. The scheme is part of a broader effort by the
government to stimulate economic growth and ensure the sustainability of
businesses during challenging times.
Earlier
in the year, the Minister announced that disbursements were expected to begin
in July 2024. However, with over 700,000 applications received so far, the
government is moving swiftly to finalize the selection process and initiate the
distribution of funds.
Key
Points:
- Upcoming
Disbursement: The Nigerian government will
soon begin distributing N150 billion in palliatives to manufacturers and
MSMEs.
- Application
Status: Over 700,000 applications have been
received, with the first batch of disbursements being finalized.
- Loan
Options: Manufacturers can apply for loans up
to N1 billion, choosing between working capital and asset financing.
- Program
Background: The scheme was launched in December
2023 as part of efforts to alleviate economic hardship in Nigeria.
- Initial
Disbursement Plan: Originally scheduled
for July 2024, the disbursement is now in its final preparation stages.
Stay informed with Naija Newshawk for the latest updates on government initiatives and economic programs in Nigeria.
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