FG Announces Date to Commence N50,000 Grant Disbursement to Small-Scale Businesses Nationwide After Application Closed

Vice President Kashim Shettima Unveils Schedule

In a recent announcement, Vice President Kashim Shettima has disclosed the timeline for the initiation of the federal government’s comprehensive N50,000 grant disbursement aimed at supporting small-scale businesses across the nation. The portal for applications opened on October 15, 2023, and closed on December 18, 2023, following a strategic timeline to facilitate assistance for businesses in need.

Collaborative Efforts with Bank of Industry

Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, shared details in a statement on Tuesday, underscoring the collaborative efforts between the government and the Bank of Industry. These concerted efforts will leverage existing structures to ensure the seamless and efficient disbursement of funds to eligible businesses.

N50,000 Grant Disbursement with a 9% Interest Rate

Adekunle-Johnson emphasized that grants totaling approximately N50,000 would be provided to small businesses nationwide, featuring an interest rate of 9 per cent. The adjustment in the interest rate, as explained by the Bank of Industry, aims to accommodate more beneficiaries and extend the positive impact of the grant scheme to a broader array of livelihoods.

Targeting 1 Million Nigerians: Inclusive Support for Physically Challenged Individuals

Trending: Federal Government N50,000 Grant Disbursement to Commence Soon as Application Closes – View Shortlisted Candidates Now!

The program sets an ambitious target of supporting 1 million Nigerians, encompassing both physically challenged and non-physically challenged individuals. This inclusive approach aims to mitigate the economic challenges posed by the removal of the petrol subsidy and provide much-needed relief to a diverse range of citizens.

Fast-Tracking Business Palliatives: A Prior Commitment

This development follows Vice President Shettima’s commitment in June to expedite the distribution of palliatives to businesses, highlighting the government’s proactive approach to economic recovery and support for small enterprises.

Presidential Palliative Loan Programme and Sector Allocation

President Bola Ahmed Tinubu had previously announced a substantial N125 billion in funding for micro, small, and medium-sized enterprises (MSMEs) under his Presidential Palliative Loan Programme in July. As part of this initiative, the government has designated N50,000 for release to MSMEs across various sectors, with an additional N50,000 specifically allocated to manufacturers.

National Economic Stimulus and Job Creation

This significant financial injection is poised to stimulate economic growth, empower small businesses, and foster job creation on a national scale. The targeted disbursement underscores the government’s commitment to bolstering the resilience of businesses and fortifying the economic landscape, particularly at the grassroots level.

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