EntrepreneurshipFunding

FG paid N50,000 grant to 150,000 Nigerians this week

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has confirmed that about 150,000 individuals received the sum of N50,000 this week from the Conditional Grant Scheme initiated by the Federal Government.

The Minister made this disclosure in a statement on her X (formerly Twitter) account on Thursday.

Uzoka-Anite also urged the public to be cautious of fraudulent and unscrupulous individuals demanding payments for processing the grant, emphasizing that the scheme is entirely free and does not require any fees.

She reiterated that the grant scheme is targeted at 1 million people in total, adding that a list of all beneficiaries will be released upon completion.

  • “Beware of fraudulent and unscrupulous parties demanding payment for grant processing.
  • “The Presidential conditional grant is completely free no fees required. The ONLY official source for federal grants and loans is fedgrantandloan.gov.ng.
  • “Grant disbursements are ongoing; 150,000 of the 1 million targeted payments have been issued as of this week.
  • “If you’re verified and awaiting funds, we appreciate your patience during this process. For full transparency, a list of all beneficiaries will be released upon completion,” she said.
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Grace period for those yet to register

Meanwhile, the Minister had previously announced that the deadline for registering for the grant scheme is April 17, 2024.

Despite the stated deadline, she encouraged those who have not yet registered to proceed with their applications.

She noted that there is still a chance for late registrants to become beneficiaries of the grant, suggesting a possible flexibility in the registration process.

  • “Missed the grant application? You might still qualify for an MSME loan. Check your eligibility at our official website where applications are still open.
  • “You are also invited to visit your closest Bank of Industry branch. A list was published in an earlier tweet. Thank you for your patience as we work towards assisting everyone eligible,” she said.
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What you should know

Earlier in December 2023, the Federal Government announced the Presidential Conditional Grant Scheme (PCGS) to empower nano businesses as part of the Presidential Palliatives Programme.

  • The Trade Grant Scheme, initially set to launch on March 9, 2024, provides financial grants that do not require repayment to qualified small business owners across diverse sectors including trading, food services, ICT, transportation, creative industries, and artisans.
  • The PCGS aims to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, with the remaining 15% available to other groups.
  • The Minister stated that each eligible recipient would receive N50,000 grant deposited directly into their accounts, aiming to benefit one million small businesses spread across the 774 local government areas (LGAs) and the six council areas in the Federal Capital Territory (FCT).
  • Targeting 1,000,000 beneficiaries across all local governments and the FCT, Uzoka-Anite noted that the scheme is poised to significantly affect communities throughout the nation.
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