Loan & Grant

FG Announces Completion of N50,000 Grant Disbursement by End of May

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FG Announces Completion of N50,000 Grant Disbursement by End of May

The Federal Ministry of Industry, Trade and Investment has announced that the disbursement of the N50,000 grant program for nano businesses will be completed by the end of May. This program aims to support small business owners across the country, with a focus on women, youths, individuals with disabilities, and senior citizens.

According to Dr. Doris Uzoka-Anite, the Minister in charge of the program, the application portal was closed on April 17, 2024, and the disbursement process is ongoing in batches. Successful applicants will receive their alerts between now and the end of May, with no further action required on their part.

The program has received over 3.6 million applications, but only one million will receive the grant, due to budget constraints. The selection process is random and based on the verification of NIN and BVN.

Related: 50k Grant: How to Check PCGS Grant Beneficiaries List

The Presidential Conditional Grant Scheme (PCGS) is part of the Presidential Palliatives Programme aimed at supporting nano businesses, including trading, food services, ICT, transportation, creative industries, and artisans. The program aims to distribute 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.

This program has the potential to benefit communities across the entire nation, targeting a total of 1,000,000 beneficiaries. The grant will be directly deposited into the bank accounts of qualifying recipients, providing a much-needed boost to small businesses across the country.

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Read Also: How to Apply for Presidential Conditional Loan for MSME and Manufacturers

Source: NairaMetrics

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