The Nigerian Federal Government has postponed the highly anticipated ₦150 billion loan disbursement for manufacturers and MSMEs until September. This announcement came from Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, during a recent meeting in Calabar, Cross River State.
A Key Meeting with Beneficiaries
The meeting, organized by Cross River State Governor Prince Bassey Edet Otu, was a crucial platform for dialogue between the Federal Government and the beneficiaries of President Bola Ahmed Tinubu’s economic empowerment programs. Dr. Uzoka-Anite used this opportunity to update the audience on the progress of the Presidential Grant and the forthcoming MSME Presidential Loan disbursement.
Disbursement Updates and Government Commitment
Dr. Uzoka-Anite disclosed that out of the 1 million targeted beneficiaries, 660,320 nano businesses have already received their funds across Nigeria’s 774 local governments. She also confirmed that the ₦150 billion loan disbursement will start in September, following the review of over 700,000 applications.
She emphasized that this loan scheme is about more than just financial aid; it’s about restoring hope and rebuilding lives. The Minister assured everyone that these loans are already making an impact nationwide, and the government remains committed to reaching every corner of Nigeria.
Transparency and Impact in Focus
To ensure effective loan disbursement, Dr. Uzoka-Anite urged community leaders and civil society organizations to actively monitor the program. This step aims to maintain transparency and accountability throughout the process.
Governor Bassey Otu also praised the Federal Government’s initiatives, highlighting their transformative impact on Cross River State. The Governor noted that the Presidential Conditional Grant has significantly supported local businesses and individuals, helping many regain their economic stability.
The ₦200 billion Presidential Conditional Loans and Grant Scheme is split into ₦125 billion for MSMEs and ₦75 billion for manufacturers. With over 660,320 nano beneficiaries already receiving support, the remaining applicants are now undergoing verification. The event in Calabar, attended by state officials and led by Prince Michael Nku Abuo, offered valuable insights into the grant’s implementation and laid the groundwork for ongoing collaboration between federal and state governments in economic empowerment initiatives.
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