Jubilation as FG begins disbursement of N200bn palliative loans – Newstrends
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Jubilation as FG begins disbursement of N200bn palliative loans

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Doris Uzoka-Anite, Minister for Trade and Investment

Jubilation as FG begins disbursement of N200bn palliative loans

The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.

The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country.

In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.

She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”

“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”

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This is coming more than eight months after President Bola Tinubu announced the grant for manufacturers and small businesses and two weeks after applicants were directed to submit their National Identification Numbers as part of the requirements to obtain the grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.

In the address, the president said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.

“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.

‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.

The programme, riddled with multiple delays and a complex registration process, had received several criticisms from prospective beneficiaries.

The President of the Association of Small Business Owners, Femi Egbesola, had decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.

Jubilation as FG begins disbursement of N200bn palliative loans

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DSS gives updates on ‘manhood theft’ in Abuja

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President Bola Ahmed Tinubu

DSS gives updates on ‘manhood theft’ in Abuja

The Director of the department, Adamu Gwary, a Fellow of Defence College, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja on Tuesday.

DSS gives updates on ‘manhood theft’ in Abuja

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Just in: FG proposes another new minimum wage, labour kicks again

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Just in: FG proposes another new minimum wage, labour kicks again

There is no end in sight yet on new minimum wage dispute between the Federal Government and the organised labour as no agreement was reached at a meeting held on Tuesday.

The labour on Tuesday rejected the N54,000 proposed by the government as new minimum wage.

This is N6,000 higher than the N48,000 proposed by the Federal Government last week, which labour leaders rejected outright.

Again, the organised labour comprising the Nigeria Labour Congress and the Trade Union Congress at the Tuesday meeting said no to the new proposed minimum wage of N54,000.

The labour last week said they would not accept N100,000 as the new minimum wage.

They however said they would not insist on N615,000, which was presented to the government for consideration.

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BREAKING: Court halts extension of Rivers LG chairmen’s tenure

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Simnalaye Fubara

BREAKING: Court halts extension of Rivers LG chairmen’s tenure

The Rivers State High Court sitting in Port Harcourt has declared the six-month tenure elongation of the state’s local government executive chairmen by the Martins Amaewhule-led House of Assembly as null and void, unconstitutional and of no effect.

The court further declared the Local Government Law No.2 of 2024, whose provisions extended the tenure of local government chairmen as invalid.

The court ruled that the law was inconsistent with the 1999 constitution and section 9 (1) of Rivers State Law No. 5 of 2018 which fixed three-year tenure for local government chairmen and councilors.

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The court gave the judgement in a case filed by Enyiada Cookey-Gam & 6 Ors vs. The Governor of Rivers State & Ors.

The presiding judge, Justice, D.G. Kio, in his judgement, declared that Local Government Law No. 2 of 2024, which extended the chairmen’s terms by six months was in conflict with the 1999 Constitution and Section 9(1) of Rivers State Local Government Law No. 5 of 2018.

The court affirmed that the lawful tenure for the chairmen and councilors remained three years, as stipulated by the 2018 law.

The judge stressed that any attempt to extend the tenure was unlawful and violated the officials’ oath of office.

BREAKING: Court halts extension of Rivers LG chairmen’s tenure

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