News

April 16, 2024

Palliative Loans: FG begins disbursement of N200bn

Naira

The Federal Government has begun disbursement of the N200 billion Presidential Conditional Grant Scheme to verified applicants.

The Bank of Industry had said it would be disbursing three categories of funding to support manufacturers and businesses across the country.

Giving a progress report on X (formerly Twitter) on Tuesday, the Minister of Industry, Trade and Investment, Doris Anite, disclosed that some beneficiaries had received their grants, adding that another disbursement will be made to verified applicants by Friday, April 19.

She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.

“By Friday, April 19, 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”

Soliciting patience from stakeholders, Anite added, “The President Bola Tinubu Administration understands the importance of these grants in supporting the livelihoods and businesses of our citizens, and this is why we are committed to ensuring a smooth and transparent process. In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation.

“We ask for your patience as we continue to process the applications with the utmost diligence and fairness. The phased disbursement plan has been designed to ensure that each application is given the consideration it deserves.

“Stay tuned for further updates, and we sincerely thank you for your patience and understanding throughout this process. Your contribution to the economic growth of our nation is invaluable, and we look forward to achieving more together,” the statement concluded.

President Bola Tinubu had earlier announced the grant in an address where explained his determination to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.

Applicants were, two weeks after, directed to submit their National Identification Numbers as part of the requirements to obtain the grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.