Delta State’s economy, the Federal Government has distributed over N1.2 billion to 24,104 beneficiaries as part of its grants and loan program. Dr. Isioma Okonta, the State Focal Person for the Presidential Grant and Loan Scheme, made the announcement during a townhall sensitisation event in Asaba on Friday.

Okonta expressed gratitude towards the Federal Government for launching the initiative, which he said has had a positive impact on many individuals and small businesses across the state. He highlighted that beneficiaries had already received grants of N50,000, and reassured those who had not yet received their payments to remain patient, as they would soon be contacted.

The total disbursement amounted to N1,205,150,000 out of the N200 billion allocated by the Federal Government for the scheme. The funds are intended to support micro, small, and medium enterprises (MSMEs) and individuals in need of financial assistance to grow their businesses.

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Mr. Moses Nega, the Bank of Industry representative in Delta, also confirmed the disbursement figures, emphasizing that while applications for the N50,000 grants are now closed, other opportunities remain. Nega pointed to ongoing applications for a N75 billion fund aimed at supporting MSMEs, alongside another N75 billion set aside for the manufacturing sector. These funds will be provided at a favorable nine percent interest rate.

Governor Sheriff Oborevwori, who was represented by the State Commissioner for Humanitarian Affairs, Orode Uduaghan, also commended the Federal Government’s efforts, recognizing the transformative potential of the grants and loans for Delta’s economy. Oborevwori urged for more grassroots sensitization to ensure wider awareness of such initiatives, stressing that it was crucial for the public to better understand the available programs.

He further encouraged recipients to use the funds effectively to foster growth in their businesses, ultimately contributing to the economic advancement of both the state and the country.