September will now be the commencement month for the N150 billion loan distribution for manufacturers and micro, small, and medium-sized businesses, according to the Federal Government.
This was confirmed by Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, on Sunday in Calabar, Cross Rivers State, during a meeting with recipients of the presidential grant and potential recipients of the MSME Presidential Loan.
According to a statement released by the trade ministry, the occasion provided a forum for direct communication between the Federal Government and those who benefited from President Bola Tinubu’s economic empowerment programs. It was organized at the governor of Cross River State’s invitation, Bassey Otu.
During her speech, the minister revealed that payments had been made to 660,320 nanobeneficiaries—more than 60% of the one million intended recipients—across the 774 local governments in Nigeria.
She also declared that starting next month (September), loans for MSMEs and manufacturers would be disbursed.
The minister made note of the fact that more than 700,000 applications were submitted for this payment.
She said, “The Presidential Loans and Grant Scheme is not just about providing financial support; it is about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract we hold with our people.
“The impact of this initiative is already being felt, and we are committed to ensuring it reaches every corner of this great nation.
“On the progress of the Presidential Loans and Grant Scheme, 660,320 nano beneficiaries, representing over 60 per cent of the targeted ne million, have received disbursements across Nigeria’s 774 local governments.
“Also, loan disbursements for manufacturers and MSMEs are set to commence by next month, following the verification of over 700,000 applications received.”
Otu praised the federal government’s actions, emphasizing how they will benefit the state of Cross River. For many of our countrymen, the Presidential Conditional Grant has been a lifesaver. Small enterprises have prospered, and people have been able to stabilize their finances.
The governor said, “This program is really changing lives in Cross River State. The N200 billion Presidential Conditional Loans and Grant Scheme is a program that supports employment, growth, and Nigeria’s general prosperity. Of the monies, N125 billion are designated for MSMEs and N75 billion for manufacturers.