The N125 billion Presidential Palliative Program, which aims to mitigate the effects of gasoline subsidy elimination, is set to begin disbursement of funds soon, according to the federal government.
In a statement released on Sunday, Minister Doris Uzoka-Anite of Industry, Trade, and Investment revealed the news, stating that the Presidential Palliative Loan Programme and the Presidential Conditional Grant Programme were the programs in question.
His words were:
Nano enterprises in each of the 774 LGAs will each get N50,000 from the federal government as part of the Presidential Conditional Grant Programme.
A number of federal agencies, including the Small and Medium Enterprises Development Agency of Nigeria and the Federal Ministry of Industry, Trade, and Investment, will work together with federal lawmakers, federal ministers, state and local governments, banks, and other interested parties.
“In order to be eligible, nanobusiness beneficiaries must be willing to provide identification documents, such as a bank verification number, as well as proof of a residential or business address within their local government area.”