Federal Government Postpone ₦150,000,000,000 Loan

The Federal Government has postponed the distribution of a ₦150,000,000,000 loan intended for manufacturers and micro, small, and medium enterprises (MSMEs) until September. 

This delay was confirmed by Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, during a meeting with current and potential recipients of the Presidential Grant and MSME Presidential Loan in Calabar, Cross Rivers State, on Sunday.

The trade ministry announced that the event, organized at the request of Cross River State Governor Prince Bassey Edet Otu, provided a platform for the Federal Government to engage directly with those benefiting from President Bola Ahmed Tinubu’s economic initiatives.

Dr. Uzoka-Anite revealed that 660,320 nano beneficiaries, which accounts for over 60% of the 1 million targeted recipients, have already received their funds across Nigeria’s 774 local governments. She noted that loan distributions for manufacturers and MSMEs would begin next month, following the review of over 700,000 applications.

She emphasized that the Presidential Loans and Grant Scheme aims to not only provide financial aid but also to restore hope and improve lives, affirming the government’s dedication to its social commitments. 

Governor Bassey Otu praised the Federal Government’s efforts, noting the significant positive impact on small businesses and individuals in Cross River State.

The Presidential Conditional Loans and Grant Scheme is a ₦200,000,000,000 program, with ₦125,000,000,000 allocated for MSMEs and ₦75,000,000,000 for manufacturers, designed to support growth, job creation, and overall prosperity in Nigeria. 

Over 660,320 nano beneficiaries have received their disbursements, and the remaining applicants are currently being verified. The event also featured contributions from state commissioners and Prince Michael Nku Abuo, Special Adviser to the Governor of Cross River State on Intervention and Grants, highlighting ongoing collaboration between federal and state governments in economic empowerment efforts.