The Presidential Palliative Loan Programme is ongoing. This is a loan plan by the federal government to help boost economic empowerment in Nigeria. This program is designed to support various sectors of the economy. It provides loans to Micro, Small, and Medium Enterprises (MSMEs) and manufacturers. MSMEs can receive loans up to 1 million naira, while manufacturers can get up to 1 billion naira.
Presidential Palliative Loan Programme 2024
The federal government announced this loan scheme to help with the economy. Qualified businesses are encouraged to apply and get approved for loans to run their businesses. MSMEs will get a loan term of 36 months while manufacturers (working capital) will get a loan term of 12 months. However, Manufacturers (Asset Financing) have a loan term of 60 months with a six-month break before repayment starts.
Presidential Palliative Loan Requirements
Applicants MUST meet the following requirements to be eligible for this FGN loan:
- Applicants must be at least 18 years old or older
- Work in one of the sectors, including traders, food services, ICT, transporters, creatives, artisans, or manufacturers
- Certificate of Incorporation
- Status Report or other CAC documents
- Valid ID Card
- Bank Verification Number (BVN)
- National Identification Number (NIN)
- Be ready to repay the loan at an interest rate of 9% per year
How to Apply for Presidential Palliative Loan
- Visit the official website at https://loan.fedgrantandloan.gov.ng/
- Click on Apply Now
- Register an account with your personal and business information
- Upload the required documents
- Apply for the Presidential Palliative loan
Candidates whose applications meet the requirements will receive a loan disbursement from the bank. The interest rate is 9% per year. The loan disbursement usually takes about two weeks after applying.
Applicants can check their application statuses by logging into their profiles on the official website loan.fedgrantandloan.gov.ng.
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Applicants MUST make sure to include their NIN and BVN when updating their applications to make the loan process smoother. Otherwise, those who fail to will have their applications rejected. The bank will take legal steps to recover the loan from those who fail to repay.
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