Apply for the 50,000 Naira Presidential Conditional Grant Scheme and Palliative Loan for Nigerian Business Owners
As part of the Presidential Palliative Programme, the Federal Government has announced the kick-off of two programmes targeted at alleviating the impact of the fuel subsidy removal – the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
This was revealed in a statement by Doris Uzoka-Anite, minister for industry, trade and investment.
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 in the country, the statement said.
It said 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.
About The Scheme
The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas. The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
The Target Sectors for the Scheme are;
1.) Traders: These include single retail marketers, corner shop owners, petty traders, market men and women in open markets
2.) Food Services: These include food and vegetable Vendors
3.) ICT: These include business centre operators, battery chargers, recharge card vendors, call centre agents
4.) Transportation: These include wheelbarrow pushers, independent dispatch riders
5.) Creatives: These include makeup artists, fashion designers, drycleaners.
6.) Artisans: These include vulcanizers, shoemakers, painters, repairers.
How To Apply
Intrested and qualified Nigerians Should Click Here to Apply online
It said for the Presidential Palliative Loan Programme, the Federal Government will likewise disburse N75 billion to Micro, Small and Medium-sized Enterprises (MSMEs) across various sectors and N75 billion specifically to Manufacturers. The loan shall be administered to the beneficiaries at a single-digit interest rate of 9 percent per annum.
The statement said: “While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.
“MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the programme. The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.
Loans to manufacturers
The federal government also said part of the Presidential Palliative Loan Programme will be the disbursement of N75 billion to MSMEs and another N75 billion to manufacturers. The loans will be administered at 9% per annum.
It stated,
- “While MSMEs can access loan facilities up to N1m with a repayment period of three years, manufacturers can access up to N1bn to access financing for working capital with a repayment period of one year for working capital or five years for the purchase of machinery and equipment.”
Backstory
In August, President Tinubu announced a slew of interventions geared at ameliorating the effects of fuel subsidy removal on businesses across the country.
The decision was in reaction to imminent industrial action and protests from organised labour groups across the country.
Part of the interventions was an N75 billion loan to 75 manufacturers at 9% per annum, and another N75 billion to SMEs and MSMEs across the country.
For more details, Visit https://fedgrantandloan.gov.ng