The Federal Government has moved the start of the N150 billion loan disbursement for manufacturers and micro, small, and medium-sized businesses to September.
Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, confirmed this during a meeting with recipients of the presidential grant and prospective beneficiaries of the MSME Presidential Loan in Calabar, Cross Rivers State, on Sunday.
According to a statement from the trade ministry, the event, sponsored at the invitation of Cross River State Governor Bassey Otu, provided a platform for direct engagement between the Federal Government and recipients of President Bola Tinubu’s economic empowerment efforts.
In her statement, the minister announced that 660,320 nano recipients, comprising more than 60% of the targeted one million, had received payouts across Nigeria.
She also announced that loan disbursements for manufacturers and MSMEs would commence next month (September).
The minister highlighted that over 700,000 applications were received for this disbursement, confirming The PUNCH exclusive story penultimate week.
She said, “The Presidential Loans and Grant Scheme is not just about providing financial support; it is about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract we hold with our people. “The impact of this initiative is already being felt, and we are committed to ensuring it reaches every corner of this great nation.
“On the progress of the Presidential Loans and Grant Scheme, 660,320 nano beneficiaries, representing over 60 per cent of the targeted ne million, have received disbursements across Nigeria’s 774 local governments.
“Also, loan disbursements for manufacturers and MSMEs are set to commence by next month, following the verification of over 700,000 applications received.”
Otu commended the Federal Government’s initiatives, highlighting their positive impact on Cross River State.
“The Presidential Conditional Grant has been a lifeline for many of our citizens. We’ve seen small businesses flourish and individuals regain their economic footing. This programme is truly transforming lives in Cross River State,” the governor stated.
The Presidential Conditional Loans and Grant Scheme is a N200bn initiative divided into N125bn for MSMEs and N75bn for manufacturers, with funds allocated to support growth, employment, and the overall prosperity of Nigeria.
