Would you like to receive notifications on latest updates of the following headlines?

FG Demanding NIN for N200bn Loan access via BoI

POSTED ON March 25, 2024 •   BUSINESS      BY Abiodun Saheed Omodara

The Federal Government has directed applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers as part of the necessary requirements to obtain a grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country. 

The government through the Bank of Industry had said it would be disbursing three categories of funding totalling N200 billion to support manufacturers and businesses across the country. 

The Federal Government through the Ministry of Industry, Trade, and Investment said the new rule was based on the new regulations from the Central Bank of Nigeria directing Nigerians to link their National Identification Numbers with their bank accounts.
The trade minister, Doris Aniete issued the new directive in a post on her official X on Sunday.
Rocketparrot New report that the latest development marks another delay in disbursing the grant announced by President Bola Tinubu in a nationwide address in August 2023 for manufacturers and small businesses. 

It could be recall that the president said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs. 

“We are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity. 

‘’Each of the 75 manufacturing enterprises will be able to access N1billion credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said. 

But eight months later, the programme domiciled under the Trade Ministry and executed by the Bank of Industry is yet to reach a significant stage despite several promises by the minister. 

The President of the Association of Small Business Owners (ASBON), Femi Egbesola, decried the slow pace data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

READ ALSO
CBN Maintain Interest Rate at 27.5%
BY Abiodun Saheed Omodara July 22, 2025 0

The Central Bank of Nigeria (CBN) has decided to keep the country's Monetary Policy Rate (MPR) at 27...

READ ALSO
Economic Reforms Slash Nigeria's Debt Servicing from 97% to 50%- Oloyede
BY Abiodun Saheed Omodara July 22, 2025 0

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed th...

READ ALSO
CBN, Private Sector Raise Concerns Over Nigeria Customs' B’Odogwu Digital Clearance System
BY Abiodun Saheed Omodara July 21, 2025 0

The Central Bank of Nigeria (CBN) and the organized private sector have expressed concerns regarding...

READ ALSO
Nigeria-Egypt Trade Surges by 68%, Foreign Minister Highlights Trade Imbalance
BY Abiodun Saheed Omodara July 21, 2025 0

Trade between Nigeria and Egypt has seen a significant increase of 68.45 percent over the past year....

READ ALSO
Enugu State Cuts Electricity Tariff for Band A Customers to N160/kWh, Effective August 1, 2025
BY Abiodun Saheed Omodara July 21, 2025 0

The Enugu State Electricity Regulatory Commission has released a new tariff order for MainPower Elec...

READ ALSO
Naira Weakens 0.14% Despite Initial Gains, Closing at 1,532.34/$
BY Abiodun Saheed Omodara July 21, 2025 0

The naira ended the past week weaker than the week before, depreciating by 0.14% week-on-week to rea...

OUR CHANNELS:

Russia Targets Ukraine, Claims Lives in Dnipro and Rostov
BY Abiodun Saheed Omodara July 26, 2025 0

Russia carried out strikes on various regions of Ukraine overnight, with officials reporting one fat...


Panic among Nigerians in the UK as New Visa Regulations Threaten Employment
BY Abiodun Saheed Omodara July 27, 2025 0

Panic has taken hold of numerous Nigerians employed in the United Kingdom under Certificate of Spons...


FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 27, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...


Ghana Immigration Service Arrests Over 50 Nigerians in Major Cyber Fraud
BY Abiodun Saheed Omodara July 26, 2025 0

The Ghana Immigration Service on Thursday arrested over 50 Nigerians for their alleged involvement i...


FG Acts to Rescue Stranded Nigerian Workers in Central African Republic
BY Abiodun Saheed Omodara July 27, 2025 0

The Federal Government has initiated actions to rescue and repatriate a group of Nigerian workers wh...


FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 26, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...


UK Student Sentenced To 7 Years for £100m Fraud
BY Abiodun Saheed Omodara July 27, 2025 0

A UK court has sentenced 21-year-old university student Ollie Holman to seven years in prison for pa...


Portable, VeryDarkMan Publicly Clash over Mohbad and Other Issues
BY Abiodun Saheed Omodara July 27, 2025 0

Nigerian singer Habeeb Okikiola, widely known as Portable, has intensified his feud with social medi...


Twelve die in Thailand-Cambodia clashes
BY Abiodun Saheed Omodara July 27, 2025 0

Fighting between Thai and Cambodian forces along their contested border has led to at least 12 fatal...


Reps Seek to Create Independent Body to Track Federal Projects
BY Abiodun Saheed Omodara July 25, 2025 0

The House of Representatives is set to hold a public hearing to gather feedback from stakeholders re...


More Articles

Load more...

Menu