Presidential Palliative Loan: How To Apply 

In this article, we’ll be looking at the Presidential Palliative Loan, including its application process, eligibility, requirements, and deadline, among other essential information.

About Presidential Palliative Loan

The Federal Government has initiated the Presidential Conditional Loan Scheme, an integral component of the Presidential Palliative Program, to extend financial support to businesses in Nigeria, including nanobusinesses. This move comes in response to the impact of the removal of fuel subsidy by President Bola Ahmed Tinubu on May 29, 2023, showcasing the government’s commitment to alleviating economic challenges.

As part of the broader Presidential Palliative Program, the Conditional Loan Scheme is positioned as a significant force in driving economic empowerment in Nigeria. The scheme is designed to revolutionize financial support, marking a strategic step towards fostering economic growth and stability in the country.

Features of Presidential Palliative Loan

The Presidential Palliative Loan boasts several key features that distinguish it as a robust financial support initiative:

  • Transparent and Efficient Disbursement: The Federal Government underscores its commitment to transparency and efficiency. This commitment ensures the swift disbursal of funds to deserving businesses, emphasizing accountability in the process.
  • Digital Transformation: Leveraging cutting-edge technology, the loan platform has undergone a digital transformation. This enhancement enables SMEs to seamlessly apply for assistance using smartphones and computers, promoting accessibility and streamlining the application process for businesses regardless of their location.
  • Financial Literacy Empowerment: Recognizing the vital role of financial education, the Presidential Palliative Loan platform goes beyond mere financial assistance. It provides valuable resources and training aimed at empowering SMEs with the knowledge needed to effectively manage their funds. This commitment to financial literacy ensures that businesses not only receive financial support but also acquire the skills necessary for prudent financial management.


The eligibility criteria for the Presidential Conditional Loan Scheme (PCGS) have been clearly outlined by the Federal Government, specifying target sectors and businesses eligible to apply for this initiative. The following categories are identified as eligible:

  • Traders: This category encompasses single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
  • Food Services: Food and vegetable vendors fall under this category, highlighting the inclusion of businesses involved in the food service industry.
  • ICT (Information and Communication Technology): Business center operators, battery chargers, recharge card vendors, and call center agents are considered eligible.
  • Transportation: Wheelbarrow pushers and independent dispatch riders within the transportation sector are included, reflecting a broad approach to supporting various modes of transportation.
  • Creatives: Makeup artists, fashion designers, and dry cleaners constitute the creatives category.
  • Artisans: Vulcanizers, shoemakers, painters, and repairers fall within the artisans category.

Regarding age requirements, applicants or promoters of the company must be 18 years and older, ensuring a baseline level of maturity and legal capacity for those seeking assistance through the PCGS.

Application Process

The application process for the Presidential Palliative Loan Scheme involves a straightforward series of steps aimed at ensuring a smooth and efficient application experience for interested businesses:

  • Registration and Business Details: Applicants initiate the process by signing up with their basic personal details. Following this, they enter comprehensive information about their businesses, accompanied by the necessary documentation. 
  • Business Leadership Information: As part of the application, applicants are required to provide details about their business leadership, specifically focusing on the directors involved. 
  • Loan Purpose Clarification: Applicants are prompted to articulate how the loan will contribute to the advancement of their business. 
  • Disbursement through Respective Banks: The Federal Government has clarified that disbursement of the loan will be facilitated through the respective banks of successful applicants, contingent upon meeting the eligibility criteria. 
  • Partnership Requirements: For those opting to apply with a partner company, it is mandatory for applicants to have a registered business, whether as a Sole Proprietorship, Partnership, or Limited Liability Company. 


The duration and terms of the Presidential Palliative Loan vary based on the type of business and purpose of the loan:

  • MSMEs (Micro, Small, and Medium Enterprises): The loan term for MSMEs is set at 36 months, providing a three-year period for repayment. 
  • Manufacturers (Working Capital): For manufacturers seeking working capital, the loan term is condensed to 12 months. 
  • Manufacturers (Asset Financing): In the case of manufacturers applying for asset financing exclusively, a more extended term of 60 months is granted. Additionally, there is a six-month moratorium period before the commencement of repayments.

Interest Rate

The interest rate for the loan is fixed at 9% per annum. This rate applies to the entire duration of the loan and is a crucial factor in determining the overall cost of the financial assistance provided.

Loan Recovery Measures

In instances where borrowers encounter challenges in repaying the loan, the bank is authorized to take legal measures to recover the outstanding amount


The deadline for applying for the Presidential Palliative Loan is Sunday, December 31, 2023.

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