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This financial support from federal government (FG) is specifically earmarked for micro, small, and medium-sized enterprises (MSMEs) and manufacturers.
In a concerted effort to facilitate the recovery of Small and Medium Enterprises (SMEs) from the repercussions of the fuel subsidy removal, the Federal Government (FG) has unveiled a comprehensive plan to disburse a total of N150 billion.
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Central to this initiative is the introduction of the Presidential Palliative Loan Programme (PPLP), designed to provide financial assistance aimed at mitigating the economic challenges stemming from the discontinuation of the fuel subsidy earlier this year. The program is intended to offer a lifeline to businesses grappling with the aftermath of the subsidy removal.
Under the auspices of the Presidential Conditional Grant Programme, the government (FG) plans to distribute N50,000 grants to businesses categorized as ‘Nano’ enterprises across all 774 local government areas nationwide. This direct injection of funds seeks to provide immediate relief to the smallest businesses, recognizing their vulnerability in the wake of economic changes.
Dr. Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, underscored the significance of these financial interventions, emphasizing their role in fortifying the resilience of SMEs and supporting their long-term sustainability.
Beneficiaries of these financial measures are expected to repay the funds with a nine percent interest rate, signifying a collaborative approach with various entities. The disbursement process is to be organized in coordination with state and local governments, federal legislators, federal ministers, banks, and other stakeholders to ensure an effective and streamlined implementation.
Eligible businesses seeking to benefit from these financial interventions are urged to provide essential documentation, including valid proof of residence or business address within their respective local government areas.
Additionally, they are required to furnish personal and bank account details, including their Bank Verification Numbers (BVNs) for identity verification.
This multifaceted program represents a critical intervention by the Federal Government (FG) to provide much-needed financial aid to SMEs and nano-level businesses. The goal is to alleviate the economic pressures caused by the fuel subsidy removal, ensuring sustained business growth and fostering economic resilience at various levels of enterprise. This initiative is poised to play a pivotal role in supporting businesses during a period of significant economic transition.
