The Federal Government has officially kickstarted its Presidential Palliative Programme, a strategic move aimed at alleviating the repercussions of the fuel subsidy removal.
Dr. Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, outlined two key components of the program—the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
Under the latter, a substantial ₦150 billion will be disbursed to various businesses, with ₦75 billion allocated for micro, small, and medium-sized enterprises (MSMEs) across sectors and ₦75 billion earmarked for manufacturers. Beneficiaries will enjoy a favorable single-digit interest rate of nine percent per annum.
The Presidential Conditional Grant Programme focuses on nano businesses across the 774 local government councils, providing ₦50,000 grants to each recipient. MSMEs can access loans up to ₦1 million, repayable over three years, while manufacturers can secure up to ₦1 billion for working capital, with flexible repayment terms.
The initiative, slated to enhance economic resilience, is a response to President Bola Tinubu's earlier announcement of injecting funds into Nigeria's SMEs, with disbursements expected between July 2023 and March 2024.
