Loan & Grant

50k Grant Disbursement: FG Announces Total Number of Applicants Get N50,000 Grant

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50k Grant Disbursement: FG Reveals Number of Applicants Get N50,000 Grant

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite has revealed the total number of Businesses received the N50,000 Grant since the beginning of the initial disbursement of N50,000 through the Presidential Conditional Cash Grant Scheme.

Minister Doris Anite claimed that no fewer than 100,000 people received the grant through their business sector.

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Doris Uzoka-Anite announced this in an exclusive chat with a PUNCH correspondent on Friday, 19th April 2024.

The businesses that the Federal government is targeting are Nano businesses that have two or more workers and have less than an annual turnover of N3m.

How Many People Will Receive the Grant per Local Government?

According to the Ministry of Industry, Trade and Investment, the Presidential Conditional Grant will be disbursed to 1291 Nano businesses per each Local Government Area.

Minister Doris Anite revealed this through her aide, Terfa Gyado, confirming the disbursement began some weeks ago and will be disbursed to 1,291 nano businesses to improve their businesses.

The Minister also said that the grant was paid directly to beneficiaries’ accounts after completing the verification,  targeting to disburse it to 1 million small businesses in the 774 Local Governments and 6 Council Areas in the Federal Capital Territory (FCT), Abuja.

READ ALSO: N50k Grant: Things You Need to Know As FG Begin Disbursement of N50,000 Grant to Verified Applicants

When is the Presidential Conditional Grant Scheme Launched?

The Federal government under the Ministry of Industry, Trade and Investment, launched the Presidential Conditional Cash Grant last year December 2023, as part of the Presidential Palliatives Programme to Support Nigerian Businesses.

The application portal began earlier in December last year and was closed after less than two weeks.

The Grant portal was later re-opened at the start of April 2024, for those who didn’t register before to register.

Is the Application Portal for the Grant Still Open?

No, the Portal was closed last year December 2023, and was later open at the start of April, and closed on 17th April 2024. Therefore, Don’t get confused, anybody telling you that the grant portal is open, is just trying to scam you.

How Much is the Total Amount to be Disbursed to Nano Businesses?

The Federal government has set aside N200 billion through the Bank of Industry (BOI), to support the manufacturers and businesses across the 36 States including the FCT.

When will Verified Applicant That Verify Their NIN Receive Their Grant?

As the Grant continues to be disbursed in recent weeks, the verified applicants who verify their NIN as mandated by the Central Bank of Nigeria (CBN), will receive their grant as soon as possible.

The Ministry confirmed that they are receiving the verified applicant’s data and they will continue to disburse the grant to the qualified nano businesses.

Is the N50,000 Grant Disbursement Commence?

The Ministry of Industry, Trade and Investment has announced that they began the disbursement of the grant money last week Wednesday, 17th April 2024. The Disbursement is happening phase by phase and all the verified applicants who qualified for the grant will receive the money.

Related: Apply Now: FG Launches Presidential Loan Scheme for MSME and Manufacturers 

Does the Presidential Conditional Grant have Repayment Term?

The Presidential Conditional Cash Grant is free for every Nigerian, and each applicant who receives the grant will not repay them since its grant scheme program.

Can i still Verify my NIN for the Grant Disbursement Process?

Yes, All the applicants who applied last year can still verify their NIN through the Federal Government Grant portal. You can visit this link 2 Methods to Verify Your NIN for FG N50,000 Grant Application to verify your NIN.

What are the Requirements for N50,000 Grant NIN Verification?

To get the N50,000 Grant, you must verify your NIN by visiting the previous link I drop and fill out your Surname,  Bank Verification Number (BVN), and National Identification Number (NIN).

Source: PunchNG

If you have any other questions, drop it in the comment section

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