The Federal Government has initiated the disbursement process for the Presidential Conditional Grant scheme.
The scheme, which targets nanobusinesses—enterprises with one or two workers and an annual turnover of less than N3 million aims to provide each beneficiary with N50,000.
In a statement released on Tuesday, the Federal Ministry of Industry, Trade, and Investment declared: “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”
The ministry further explained: “In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation.
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand 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 following the removal of fuel subsidies in the country.
It is expected to reach one million small businesses across the 774 local government areas and the six council areas in the Federal Capital Territory.