Finance

FG disburses N27.2 billion to nano businesses in 3 months under trade grant scheme  

The federal government has disbursed the total sum of N27.2 billion within April and June 2024 (3 months) of the N50 billion grants earmarked for nano businesses under the trade grant initiative.  

This is according to data from the portal of the Presidential Conditional Grant Scheme (PCGS) as of June 30, 2024

The data which captures the number of beneficiaries who have received the N50,000 grant for their nano businesses across the 774 local government areas (LGAs) shows that 545,830 individuals have benefited from the scheme within the timeframe.  

This indicates that the federal government through the Ministry of Industry, Trade and Investment have disbursed N27.2 billion to these individuals.  

The scheme aimed to reach 1 million beneficiaries across all LGAs began in April and is yet to reach over 400,000 individuals.  

Almost 4 million Nigerians registered  

According to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, about 4 million Nigerians registered for the N50,000 palliative grant as of June. She, however, stated only 1 million beneficiaries will be accommodated under the scheme. 

Read:  DMO offers N150bn bonds

She also confirmed that about 60% of the 1 million eligible applicants have received the fund.  

The Minister said the fund is still ongoing, adding that the disbursement process is determined by a computer-generated random system, rather than on a first-come, first-served basis. 

“The disbursement process is still ongoing, and we have allocated about 60% of the 1 million grants. You can track the number of beneficiaries per LGA paid so far on grant.fedgrantandloan.gov.ng/learn-more/dis 

“It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated. This means not all applicants will receive the grant.   

Read:  Notore records N4.1bn revenue in Q1 2023

“The selection is not based on who applied first; everyone has an equal chance but by random computer-generated selection. While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time,” she said. 

Business targeted under the Scheme  

The nano businesses targeted under the scheme include: 

Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets. 

Food Services: Food and vegetable vendors. 

ICT: Business centre operators, battery chargers, recharge card vendors, and call centre agents. 

Transportation: Wheelbarrow pushers and independent dispatch riders. 

Read:  CBN targets October for digital currency launch

Creatives: Makeup artists, fashion designers, and dry cleaners. 

Artisans: Vulcanizers, shoemakers, painters, and repairers. 

What you should know 

The Presidential Conditional Grant Scheme (PCGS) also known as the trade grant scheme is one of the Presidential Palliatives Programme aimed at supporting small businesses following the removal of subsidy.

The scheme was initially announced in December 2023, but the federal government started payment into beneficiaries’ accounts in April 2024.  

The PCGS aims to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics. 

So far, more than 500,000 individuals have benefitted from the initiative, with over 400,000 applicants still waiting to receive their own grants.  

Nairametrics

Related posts

Seplat Energy grows pre-tax profit by 15.3% to N86.7b

NigGal

Tech coy unveils new logo

NigGal

Airtel Nigeria appoints human resources director

NigGal

Nestle lose N469.73bn in market calue, share price falls to N963.9

NigGal

CBN ends cash swap programme in rural areas

NigGal

FG to launch $750m World Bank-backed programme

NigGal

Leave a Comment