BREAKING: FG Kicks Off Disbursement of Presidential Conditional Grants For Small Businesses, Others
The Federal Government of Nigeria has officially begun the process of disbursing the Presidential Conditional Grant, aimed at alleviating economic hardship caused by the recent removal of fuel subsidies.
This initiative was launched last year by the government to support nano businesses—small-scale enterprises employing one or two people and generating less than N3 million in annual turnover.
As confirmed by the Federal Ministry of Industry, Trade, and Investment in a recent announcement, some beneficiaries have already received their grants as part of the initial phase of this strategy. The ministry highlighted that the distribution process is being carried out in phases, ensuring a fair and meticulous allocation of the N50,000 grants to each verified applicant.
The disbursement effort faced early challenges, particularly with the distribution of shortcodes necessary for NIN verification and the continuation of applications. However, these issues have been efficiently resolved in collaboration with various telecommunications providers, setting the stage for further disbursements.
The government has set a significant target for this Friday, 19th April 2024, promising that a substantial number of verified applicants will receive their funds. However, it’s crucial to note that this date marks just the beginning of the disbursement process, and not all applicants will receive their grants immediately.
The Presidential Conditional Grant Programme is designed to reach one million small businesses across all 774 local government areas in Nigeria, as well as the six council areas in the Federal Capital Territory (FCT). This ambitious project underscores the administration’s commitment to fostering economic growth and supporting small business owners who play a crucial role in the economic landscape.
The Ministry has asked for continued patience from applicants as they work diligently to process all applications fairly. Further updates will be provided to keep all stakeholders informed as the disbursement progresses.