As part of the Federal Governments commitment to the Renewed Hope Agenda of President Tinubu, the Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.
The government in collaboration with the Bank of Industry, said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the nation.
From the news gathered, Doris Aniete, stated on Tuesday that an unspecified number of beneficiaries have received their grants, saying that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.
She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
President Bola Tinubu announced the grant for manufacturers and small businesses more than eight months ago. Two weeks ago, applicants were instructed to submit their National Identity Numbers as a prerequisite for receiving the grant, which was intended to mitigate the impact of recent economic reforms on the nation’s businesses.
The president said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.
“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.
The program had drawn criticism from potential beneficiaries on various occasions due to its complicated registration process and numerous delays.
Femi Egbesola, the President of the Association of Small Business Owners, had decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.
