FG announces disbursement of 150 billion to business owners, gives conditions

The federal government has announced the disbursement of N150 billion small grants and loans to business owners in Nigeria.

Politics Nigeria understands that the two disbursement programmes are the Presidential Conditional Grant and the Presidential Palliative Loan.

The programmes, according to a statement signed by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, are targeted at alleviating the impact of the fuel subsidy removal which came into effect on June 1.

The statement reads: “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000.00 to nano businesses across the 774 local government areas in the country.

“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, will collaborate with State and Local Governments, Federal Legislators, Federal Ministers, Banks and other Stakeholders.

“The eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity.”

It also said that eligible beneficiaries can get more information and apply at the website dedicated to the programme.