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Breaking: FG kicks start disbursement of N200BN palliative business loans

Published

2 weeks ago

April 16, 2024

Bola Tinubu, former Lagos state governor and All Progressives Congress (APC) leader, is pictured at a party meeting in Abuja Febuary 17, 2015. To supporters Tinubu, a Yoruba Muslim, is a wily political operator with a passion for getting the job done and a knack for picking bright, committed technocrats to do it. To critics he is a ruthless godfather who doles out lucrative contracts to his friends’ firms, insists on installing his man in office and is capable of sending in street thugs if he fails to get his way. Picture taken Febuary 17, 2015. REUTERS/Afolabi Sotunde – GF10000069034

President Bola Tinubu administration’s promise to give the needed fillip to entrepreneurial ventures and ease of doing business in the country became a reality on Tuesday with the disbursement of the N200 billion Presidential Conditional Grant Scheme to verified applicants.

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, revealed this in a message she posted on her official X handle on Tuesday.

She said a number of beneficiaries have already received their grants, and by April 19, a substantial number of verified applicants will receive significant disbursements.

Reports has it that President Tinubu has restated his commitment to prioritising the ease of doing business to attract local entrepreneurs and global investors.

He has also streamlined regulatory processes in order to reduce bureaucracy, with the aim of fueling a vibrant business ecosystem that spurs job creation, innovation, and overall economic advancement.

She wrote: “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced.

“Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.

“By Friday, April 19, 2024, a significant disbursement will be made to a substantial number of verified applicants.

“It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.

“The President Bola Tinubu administration understands the importance of these grants in supporting the livelihoods and businesses of our citizens; this is why we are committed to ensuring a smooth and transparent process.”

In July 2023, the Nigerian leader, had during a live broadcast, announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.

Tinubu disclosed that his government intends to spend N75 billion between July 2023 and March 2024 to strengthen the manufacturing sector.