The Federal Government says it will commence the disbursement of N150 billion in loans to manufacturers and micro, small, and medium-sized businesses in the country by the end of July, 2024.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, who disclosed this in her official X account at the weekend also stated that 60 percent of the projected one million recipients of the Presidential Conditional award across the 774 local government areas throughout the nation have been granted a N50,000 cash award with no responsibilities to return it.
Announcing the readiness to commence disbursement of funds, 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.
“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.
“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 stated.
The minister also appealed to applicants of the Conditional Grant Scheme who are yet to be paid to be patient, stressing that her team has 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 programmes 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.”