FGN launches programmes to mitigate hardships, boost businesses

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As Nigerian continue to suffer hardships as a result of fuel subsidy removal of fuel subsidy the federal government has announced the launch of two programs aimed at mitigating the effects of removing fuel subsidies.

One of the programs is called the Presidential Conditional Grant which will provide a grant of N50,000 to small businesses in all 774 local government areas.

Eligible beneficiaries will need to provide proof of address and personal and bank account information for verification.

The other program is called the Presidential Palliative Loan to disburse N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) and N75 billion specifically to manufacturers.

The loan will be offered at a low-interest rate of 9% per year. MSMEs can access up to N1 million with a repayment period of three years, while manufacturers can access up to N1 billion for working capital or the purchase of machinery and equipment, with repayment periods of one year or five years, respectively.

Both MSMEs and manufacturers can apply for the loans through the dedicated program portal and will need to meet their respective banks’ risk assessment criteria.

The government believes that these initiatives will promote entrepreneurship, job creation, and economic development

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