The Federal Government has postponed the disbursement of the N150 billion loan for manufacturers and micro, small, and medium enterprises (MSMEs) to September.
This was confirmed by the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, during a meeting with current and prospective beneficiaries of the MSME Presidential Loan in Calabar, Cross River State, on Sunday.
A statement from the Ministry of Industry, Trade, and Investment indicated that the event, organized at the invitation of Cross River State Governor, Bassey Otu, facilitated direct interaction between the Federal Government and beneficiaries of President Bola Tinubu’s economic empowerment programs.
During her speech, the minister revealed that 660,320 nano beneficiaries, representing more than 60% of the targeted one million, have already received disbursements across Nigeria’s 774 local government areas.
She further announced that loan disbursements for manufacturers and MSMEs are scheduled to begin next month (September).
The minister confirmed that over 700,000 applications had been received for this disbursement, validating a recent exclusive report by The PUNCH.
“The Presidential Loans and Grant Scheme is not just about financial support; it’s about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract with our people,” the minister stated.
She continued, “The impact of this initiative is already evident, and we are committed to ensuring it reaches every part of this nation.”
Governor Otu praised the Federal Government’s initiatives, emphasizing their positive impact on Cross River State.
“The Presidential Conditional Grant has been a lifeline for many of our citizens. We’ve witnessed small businesses thrive and individuals regain their economic stability. This program is truly transforming lives in Cross River State,” the governor remarked.
The Presidential Conditional Loans and Grant Scheme is a N200 billion initiative, with N125 billion allocated for MSMEs and N75 billion designated for manufacturers, aimed at supporting growth, employment, and the overall prosperity of Nigeria.