On Thursday, the Federal Government announced that by the end of July, N150 billion in loans will be disbursed to manufacturers and micro, small, and medium-sized businesses.
Furthermore, it revealed that in the 774 local government areas throughout the nation, 60% of the projected one million recipients of the Presidential Conditional award had been granted a N50,000 cash award with no responsibilities to return it.
The most recent details were disclosed in a post on Thursday by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, on her official X account.
As a component of the Presidential Palliatives Program, the Federal Government introduced the Presidential Conditional Grant Scheme in December 2023 with the goal of assisting companies in navigating the economic downturn brought on by government policies.
The fund dedicates N75bn to MSMEs and another N75bn to the manufacturing sector. The minister noted the government is well aware of the current business climate and created the fund to help Nigerian businesses navigate the harsh economic conditions.
She said, “To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 per cent of the 1 million grants.
“You can track the number of beneficiaries per LGA paid so far on grant.fedgrantandloan.gov.ng/learn-more/dis.
“We are also at the final stages of vetting for the MSME and Manufacturing loans. Applications remain open, and disbursement will begin by July ending.”
She thanked applicants of the Conditional Grant Scheme who are yet to be paid for continued patience, stressing that her team have worked tirelessly to ensure this process is fair and accurate. Reacting to complaints by aggrieved applicants, she explained that the selection was not based on who applied first but on random computer-generated selection.
She stated that the ministry had hoped to complete all 1 million disbursements by now; however, the process has been delayed due to issues such as incorrect or missing data, duplicate applications, and spurious entries.
Last month, the government had disbursed a total sum of N20.11bn to 402,283 beneficiaries to their bank accounts via their Bank Verification Number.
The minister added, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated.
“This means not all applicants will receive the grant. The selection is not based on who applied first; everyone has an equal chance but by random computer-generated selection.
“While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time.
“The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared, showcasing how the grant has positively impacted lives and we will share many more.”
She added, “We have prioritized accuracy over speed to ensure every Nigerian who applied has a fair shot. We had hoped to complete all 1 million disbursements by now but the process has been delayed due to incorrect or missing data, and duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation.
“Finally, it is your right as citizens to criticise and hold the government accountable. However, we encourage constructive feedback without resorting to abuse or bigotry. Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria. Thank you once again.”
