FG announces a ?150 billion incentive for companies in 774 local government districts

Remember Plans to infuse capital into Nigeria's SMEs were announced by President Bola Tinubu in July of this year.The withdrawal of fuel subsidies will not be as harsh as it would be because to the Federal Government's confirmation that it will begin funding the Presidential Palliative Programme.Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, stated that the Presidential Palliative Loan Program and the Presidential Conditional Grant Program were the two programs.The minister went on to say that several companies would split ?150 billion under the Presidential Palliative Loan Program. A breakdown of the funding indicated that manufacturers would receive ?75 billion and micro, micro, small, and medium-sized businesses across all sectors would receive ?75 billion. The loan would be administered to the beneficiaries at a single-digit interest rate of nine per annum. For the Presidential Conditional Grant Programme, nano businesses across the 774 local government councils would benefit ?50,000 each as grants from the FG.