In a bid to aid the recovery of Small and Medium Enterprises (SMEs) from the effects of the fuel subsidy removal, the Federal Government has unveiled plans to disburse N150 billion to micro, small, and medium-sized enterprises (MSMEs) and manufacturers. This includes the launch of the Presidential Palliative Loan Programme (PPLP), providing financial assistance to mitigate the economic challenges following the subsidy’s discontinuation earlier this year.
Under the Presidential Conditional Grant Programme, the government is set to distribute N50,000 to ‘Nano’ businesses across all 774 local government areas nationwide. Dr. Doris Uzoka-Anite, Minister for Industry, Trade, and Investment, emphasized that these financial injections aim to bolster the resilience of SMEs and support their sustainability.
Beneficiaries of this initiative will be required to repay the funds with a nine percent interest rate, with the disbursement process organized in collaboration with state and local governments, federal legislators, federal ministers, banks, and other stakeholders. Eligible businesses are urged to provide valid proof of residence or business address within their respective local government areas, along with essential personal and bank account details, including Bank Verification Numbers (BVNs) for identity verification.
This program represents a critical intervention by the Federal Government to provide much-needed financial aid to SMEs and nano-level businesses, aiming to alleviate economic pressures caused by the fuel subsidy removal and ensuring sustained business growth.
