You could say, there is no better time for the federal government to dole out palliative loan to business owners than now.
Many would agree that businesses in Nigeria are struggling and business owners know where the shoe pains most.
This is because loans are not easy to access, yet the prices of raw materials are soaring day after day.
To revive the economy, the federal government is making efforts to bring life again into the manufacturing sector.
Now, the federal government has announced plans to disburse palliative loans to business owners across Nigeria.
This palliative loan should go a long way in supporting business owners and manufacturers to stay afloat.
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The Minister of Industry, Trade and Investment, Doris Aniete, announced the plan via a tweet on Tuesday, April 16.
Disbursement Of Palliative Loan Has Kicked Off
Loan disbursement to verified applicants under the Presidential Conditional Grant Scheme has finally kicked off.
A total of ₦200 billion is available to support manufacturers under this scheme through the Bank of Industry (BoI).
Furthermore, the loan will be disbursed to support three categories of manufacturers and businesses.
Aniete stated that an unspecified number of beneficiaries had received their grants.
“By Friday, April 19, we will credit the account of a different set of verified applicants.
“We are informing you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced.
Loan To Be Disbursed In Batches
“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 receive their grants in subsequent phases.”
According to the government, the loan will reduce the effect of the economic reforms on businesses in the country.
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President Bola Tinubu plans to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.
For the president’s effort not to go to waste, he might need to pay the Nigerian workers what they are demanding.
Workers demand an increased pay package in this video
