NIGERIA: FG Disburses Over N1.2 Billion In Loans To Over 24,000 Beneficiaries In Delta State

By Onoja Baba, Nigeria

The Federal Government has disbursed over N1.2 billion to 24,104 beneficiaries under its grants and loan scheme in Delta State, a move aimed at bolstering small businesses and driving economic growth.

The State Focal Person for the Presidential Grant and Loan Scheme, Dr. Isioma Okonta, made this known on Friday during a town hall sensitization meeting in Asaba, the state capital.

Okonta commended the Federal Government for the initiative, noting its significant impact on the lives of the beneficiaries.

“The programme is working, and many people from across the state have received their N50,000 grants,” Okonta said. “Out of the N200 billion approved by the Federal Government for the presidential grant and loan scheme, N1,205,150,000 has been disbursed to 24,103 beneficiaries across Delta.”

Mr. Moses Nega, a representative of the Bank of Industry in Delta, confirmed the figures and emphasized the ongoing support for micro, small, and medium enterprises (MSMEs).

While applications for the N50,000 support grant for nano businesses have closed, Nega highlighted that the application process remains open for the N75 billion MSME fund and the N75 billion manufacturing sector fund, both offering loans at a nine percent interest rate.

Delta State Governor Sheriff Oborevwori, represented by the State Commissioner for Humanitarian Affairs, Community Support Service, and Girl Child Development, Orode Uduaghan, praised the Federal Government’s efforts. He described the scheme as transformative for the state’s economy and the nation as a whole.

“The state government’s collaboration with the Federal Government on grant and loan schemes has positively impacted over 24,103 persons,” Oborevwori noted.

He also urged for increased grassroots sensitization using accessible communication methods to ensure broader awareness and participation in the programs.

The governor encouraged beneficiaries to make effective use of the funds, adding that the single-digit interest loans provided a rare opportunity to grow their businesses and contribute to the state’s economic development.