FEDERAL GOVERNMENT TO DISBURSE GRANTS TO SMEs
Written by Oyebamiji Idowu on December 4, 2023
In a bid to mitigate the economic strain imposed by the removal of fuel subsidies, the Federal Government has announced the imminent commencement of financial assistance under its Presidential Palliative Programme. This initiative aims to provide much-needed relief to vulnerable households and businesses across the country.
A statement issued by the Minister for Industry, Trade and Investment, Dr. Doris Uzoka-Anite, outlined the two principal components of the Presidential Palliative Programme: the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.
Under the Presidential Conditional Grant Programme, the Federal Government will disburse a grant of N50,000 to micro-businesses operating in all 774 local government areas of Nigeria. This targeted assistance is designed to empower small-scale entrepreneurs and help them weather the potential economic disruptions caused by the fuel subsidy removal.
The Presidential Palliative Loan Programme, on the other hand, will provide low-interest loans to medium and small-scale enterprises (MSMEs) across various sectors of the economy. These loans aim to enhance the liquidity and resilience of MSMEs during these challenging times, enabling them to adapt and continue contributing to economic growth.
The timely implementation of the Presidential Palliative Programme is crucial to safeguard the livelihoods of vulnerable Nigerians and minimize the adverse effects of the fuel subsidy removal. By providing direct financial support to businesses and households, the Federal Government can help buffer the impact of economic pressures and foster a more resilient and inclusive economy.