Initiating the disbursement process, the Federal Government has rolled out the Presidential Conditional Grant scheme.
Targeting nanobusinesses, which are defined as enterprises with one or two workers and an annual turnover of less than N3 million, the scheme aims to provide each eligible beneficiary with a sum of N50,000.
A statement released by the Federal Ministry of Industry, Trade, and Investment on Tuesday announced, “The disbursement process for the Presidential Conditional Grant Programme has officially begun. Several beneficiaries have already received their grants, signaling the start of our phased disbursement approach.”
Further elaborating, the ministry stated, “Working in conjunction with telecommunications providers, we have effectively addressed the initial delays in sending out shortcodes for NIN verification and application continuation.”
It was added, “By Friday, 19th April 2024, a significant disbursement will be allocated to a substantial number of verified applicants. It is crucial to note that disbursements are ongoing, and not all applicants will receive their grants on this initial date.”
The Presidential Conditional Grant Programme, introduced last year to ease economic challenges after the removal of fuel subsidies in the country, is projected to benefit one million small businesses spread across the 774 local government areas and the six council areas in the Federal Capital Territory.