The disbursement of the N150 billion loan to manufacturers and SMEs by FG Delays has been postponed until September.
The commencement of the N150 billion loan disbursement for
manufacturers and micro, small, and medium enterprises has been rescheduled to
September by the Federal Government.
This information was confirmed by the Minister of Industry,
Trade, and Investment, Dr. Doris Uzoka-Anite, during a meeting with
beneficiaries of the Presidential Grant and prospective beneficiaries of the
MSME Presidential Loan in Calabar, Cross Rivers State.
The event, hosted at the invitation of Cross River State
Governor Prince Bassey Edet Out, provided a platform for direct interaction
between the Federal Government and recipients of President Bola Ahmed Tinubu’s
economic empowerment initiatives.
In her address, the Minister revealed that 660,320 nano
beneficiaries, representing over 60% of the targeted 1 million, have received
disbursements across Nigeria’s 774 local governments.
Furthermore, the Minister announced that loan disbursements
for manufacturers and MSMEs will commence in September.
It Is worth noting that over 700,000 applications were
received for this disbursement.
She said, “The Presidential Loans and Grant Scheme is not
just about providing financial support; it is about restoring hope, rebuilding
lives, and reaffirming ouraq 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 1
million, have received disbursements across Nigeria’s 774 local governments.
Furthermore, loan disbursements for manufacturers and MSMEs
are scheduled to commence next month, following the verification of over
700,000 applications received.
The Minister emphasized the government’s commitment to
transparency and accountability in administering these programs, urging
community leaders and civil society organizations to actively participate in
monitoring the implementation of these palliative measures.
Following the Minister’s address, Governor Bassey Out
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 program is truly transforming lives in Cross River
State,” the Governor stated.
The Presidential Conditional Loans and Grant Scheme
represents a substantial initiative of 200 billion Naira, with allocations of
125 billion Naira designated for Micro, Small, and Medium Enterprises (MSMEs)
and 75 billion Naira earmarked for manufacturers. This funding aims to foster
growth, enhance employment opportunities, and contribute to the overall
prosperity of Nigeria.
To date, over 660,320 nano beneficiaries have received their
disbursements, while the remaining applicants are currently undergoing the
verification process.
The event was graced by various state commissioners and the
Chief of Staff, and was facilitated by Prince Michael Nku Abuo, who serves as
the Special Adviser to the Governor of Cross River State on Intervention and
Grants.
The interactive session yielded valuable insights into the
practical aspects of grant implementation, fostering a conducive environment
for ongoing collaboration between federal and state governments in economic
empowerment initiatives.