The Federal Government has revealed that it will soon start disbursing N50,000 to each ‘Nano’ business across the 774 local governments in the country.
The government stated that N150 billion would also be disbursed to micro, small and medium-sized enterprises, MSMSE, and manufacturers across various sectors, under the Presidential Palliative Loan Programme, PPLP.
Beneficiaries of the loan are expected to pay back with a nine percent interest rate.
According to a statement released on Sunday by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, the disbursement is part of the federal government’s efforts to assist Small and Medium Enterprises, SMEs to survive the effect of the removal of fuel subsidy.
President Bola Ahmed Tinubu ended the multi-billion naira subsidy regime in May this year, thus triggering serious economic consequences for Nigerians and businesses.
Business leaders in the country have called for assistance from the government to save their businesses from total collapse.
In a statement, the minister said the funds will be disbursed in collaboration with major stakeholders, such as state, local government, and the national assembly amongst others.
She said, “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.”
