The Federal Government has announced its intention to initiate two programs aimed at mitigating the effects of fuel subsidy removal. Dr. Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, revealed that the two programs are the presidential conditional grant and the presidential palliative loan. Under the presidential conditional grant program, the government plans to distribute a grant of N50,000.00 to nano businesses across the 774 local government areas in the country.

The Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will collaborate with state and local governments, federal legislators, ministers, banks, and other stakeholders to implement this program. Eligible nano business beneficiaries are required to provide proof of residential or business address in their local government area, as well as relevant personal and bank account information, including their Bank Verification Number (BVN) for identity verification. Those eligible can obtain more information and apply through a dedicated website for the program.

Regarding the presidential palliative loan program, Dr. Uzoka-Anite stated that the federal government plans to disburse N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) across various sectors, with an additional N75 billion specifically allocated to manufacturers. The loans will be offered at a single-digit interest rate of nine percent per annum. MSMEs can access loan facilities of up to N1 million with a repayment period of three years, while manufacturers can access up to N1 billion to obtain financing for working capital, with a repayment period of one year for working capital or five years for the purchase of machinery and equipment.

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