The Federal Government has announced its imminent commencement of fund disbursement through the Presidential Palliative Programme, aimed at mitigating the effects of the fuel subsidy removal.

In a statement released on Sunday by the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, the program comprises the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

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Under the Presidential Conditional Grant Programme, the government plans to allocate a grant of N50,000 to nano businesses spread across the 774 local government areas.

The collaboration involves the Federal Ministry of Industry, Trade, and Investment, the Small and Medium Enterprises Development Agency of Nigeria, state and local governments, federal legislators, federal ministers, banks, and other stakeholders.

Eligible nano business beneficiaries are required to furnish proof of their residential or business address in the local government area, along with pertinent personal and bank account details, including the Bank Verification Number for identity verification.

In the case of the Presidential Palliative Loan Programme, the Federal Government intends to disburse N75 billion to micro, small, and medium-sized enterprises spanning various sectors, and an additional N75 billion earmarked specifically for manufacturers.

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The loans will be offered at a single-digit interest rate of nine percent per annum.

Micro, small, and medium-sized enterprises can access loan facilities of up to N1 million with a repayment period of three years.

Manufacturers, on the other hand, can access loans of up to N1 billion to facilitate working capital, with a repayment period of one year for working capital or five years for the purchase of machinery and equipment.