FG starts allocation for presidential conditional grant scheme

The disbursement process for the Presidential Conditional Grant scheme, which is aimed at nanobusinesses with one or two workers and an annual turnover of less than N3 million, has been initiated by the Federal Government.

Each beneficiary of the scheme is set to receive N50,000.

The Federal Ministry of Industry, Trade, and Investment released a statement on Tuesday, announcing the official commencement of the disbursement process.

Some beneficiaries have already received their grants, marking the beginning of the phased disbursement strategy.

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The ministry also addressed the initial delays in sending out shortcodes for NIN verification and application continuation, stating that these issues have been resolved in collaboration with telecommunications providers.

A significant disbursement is scheduled to be made to a substantial number of verified applicants by Friday, 19th April 2024.

However, it is important to note that disbursements are ongoing, and not all applicants will receive their grants on this initial date.

The Presidential Conditional Grant Programme was launched last year to alleviate economic hardship caused by the removal of fuel subsidies in the country.

The program aims to support one million small businesses across the 774 local government areas and the six council areas in the Federal Capital Territory.