The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, provided an update on the distribution of funds for the Presidential Conditional Grant Scheme, a component of the Presidential Palliatives Programme initiated by the Federal Government in December 2023.
This initiative was designed to aid businesses, particularly Micro, Small, and Medium Enterprises (MSMEs) and the manufacturing sector, in addressing economic challenges arising from government policies.
A total of N150 billion was earmarked for the MSMEs and manufacturing sectors, with N75 billion allocated to each.
Minister Uzoka-Anite recognized the hardships businesses are enduring amid the current economic climate and underscored the vital role of the grant scheme in supporting Nigerian businesses during these tough times.
She expressed gratitude to the applicants awaiting disbursements, assuring them of the government's dedication to the process.
Notably, about 60% of the 1 million grants have already been distributed, illustrating progress in aiding businesses through this initiative.
According to Punch, Anite said, “To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 per cent of the 1 million grants."