As part of the Presidential Palliative Programme, the Federal Government of Nigeria has announced the kick-off of two programmes targeted at alleviating the impact of the fuel subsidy removal – the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.



The Presidential Palliative Loan Programme will allocate N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) across various sectors and an additional N75 billion specifically to manufacturers. The loan, provided at a single-digit interest rate of 9% per annum, aims to support businesses in navigating the subsidy removal impact.

Before you apply, here are the 40 things you need to know and have before you apply.


Business Information

1. Business type

Sole Proprietorship Partnership Limited Company

2. Company Name

3. Registration Number

4. Date of Birth

5. Gender

6. Phone Number

7. Certificate of Incorporation

8. Status Report/ Other CAC documents

9. Business Operations Address

10. Select State

11. Select LGA

12. Business Sector

Trade Transport Food Service Artisan Creative Arts

13. Bank – Choose from the list of participating banks

14. Account No

If you don’t have an account with any of the participating banks listed, choose a preferred bank from the list and create an account with them. Come back and fill the account details section afterwards.


CHIEF PROMOTER/DIRECTOR

15. First Name

16. Surname

17. BVN (11 digits)

18. Date of Birth

19. Email Address

20. Phone Number

21. Means of ID

22. Passport Photo
23. Loan Details

Fill the details below.

Loan type

Start-up (MSME) (N500,000 – N1,000,000)

Existing Business (MSME) (N500,000 – N1,000,000)

Working Capital (Manufacturing) (N500m – N1b)

Asset Finance (Manufacturing) (N500m – N1b)

Request Loan Amount

₦ 1000000
Interest

9%
Monthly Repayment Amount

₦32,000
Tenor

36 Months
Moratorium

Immediately

I have read and agreed with the terms and conditions
40 Things you need to know and have before applying for Presidential Palliative 1Million to 1Billion Loan in Nigeria in 2024.

40 Things you need to know and have before applying for Presidential Palliative 1Million to 1Billion Loan in Nigeria in 2024.

24. Please check here to indicate that you have read and agree to the terms and conditions related to this Presidential Palliative Loan:

25. PAYMENT

The loan amount shall be due and payable, at a single-digit interest rate of 9% per annum. The loan amount could be taken as working capital or for asset financing. The working capital facility shall be repayable in 2 years from the date of the issuance of the loan. While the asset financing facility shall be repayable in 5 years.

All payments made by the Borrower are to be applied first to any accrued interest and secondly to the principal balance.

26. INTEREST

As indicated in paragraph 2 above, the loan amount shall be due and payable, at a single-digit interest rate of 9% per annum. The rate must be equal to or less than the usury rate in Nigeria.

27. PREPAYMENT

The Borrower has the right to pay back the loan in full or make additional payments at any time without penalty.

28. REMEDIES

No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The rights and remedies of the Lender shall be cumulative and may be pursued singly, successively, or together, in the sole discretion of the Lender.

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