In a bid to alleviate the impact of the fuel subsidy removal, the Federal Government of Nigeria has announced the disbursement of N150 billion in small grants and loans to business owners across the country. The two disbursement programs, namely the Presidential Conditional Grant and the Presidential Palliative Loan, aim to provide financial support to business owners who have been affected by the subsidy removal.
According to a statement signed by the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, the Presidential Conditional Grant Program will disburse a grant sum of N50,000.00 to nano businesses across the774 local government areas in Nigeria. This program is designed to target small-scale businesses and provide them with the necessary funds to sustain their operations during this challenging period.
The Federal Government, in collaboration with the Federal Ministry of Industry, Trade, and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), will work closely with State and Local Governments, Federal Legislators, Federal Ministers, Banks, and other stakeholders to ensure the effective implementation of these disbursement programs.
The announcement of these programs comes in response to the removal of the fuel subsidy, which took effect on June1. The subsidy removal has resulted in increased fuel prices, impacting businesses and individuals across the country. The Federal Government recognizes the need to support business owners during this transitional period and is committed to providing the necessary financial assistance to help them navigate these challenging times.
Business owners who wish to benefit from these disbursement programs are encouraged to stay updated on the application process, eligibility criteria, and other relevant details. The Federal Government aims to ensure transparency and fairness in the selection and disbursement of grants and loans, and applicants will be required to meet certain criteria to qualify for financial assistance.
This initiative by the Federal Government is a testament to its commitment to supporting small businesses and promoting economic growth in Nigeria. By providing financial aid to business owners, the government hopes to mitigate the adverse effects of the fuel subsidy removal and help businesses thrive in the long run.
As the disbursement programs are rolled out, business owners are advised to stay informed and take advantage of this opportunity to access the much-needed financial support. The Federal Government remains dedicated to the welfare and prosperity of Nigerian businesses and will continue to explore avenues to provide assistance and create an enabling environment for economic growth.
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