FG To Disburse N150bn Palliatives To Manufacturers, MSMEs

The federal government is set to commence the disbursement of the N150 billion presidential palliative program aimed at supporting manufacturers and micro, small, and medium enterprises (MSMEs).

This announcement was made by Honourable Minister of Industry, Trade, and Investment, Mrs. Doris Aniete, in a recent statement released over the weekend through her spokesperson, Mr. Terfa Gyado.

According to Honourable Minister, the disbursement process is in its final stages, with over 700,000 applications received so far. Mrs. Aniete emphasised that the government is working diligently to finalise the first batch of beneficiaries.

“Disbursement is yet to start, but they are finalising the first batch. To date, about 700,000 applicants have applied,” Mrs. Aniete stated.

For manufacturers seeking loans up to N1 billion, Honourable Minister highlighted the importance of selecting either working capital or asset financing. Applicants are also required to maintain a minimum six-month business or corporate banking relationship and provide additional documentation as stipulated by the banks.

This initiative is part of the broader Presidential Conditional Grant Scheme, launched in December 2023, to mitigate the economic hardships faced by Nigerians. The federal government has allocated N75 billion each to MSMEs and the manufacturing sector under this program.

Although Honourable Minister had initially announced plans to begin disbursements in July 2024, the final stages of processing the applications have delayed the start.

This palliative measure reflects the government’s commitment to bolstering the economy and providing essential support to key sectors during these challenging times.