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The Federal Government has started the disbursement process for the Presidential Conditional Grant scheme.
This is according to a Tuesday statement from the Federal Ministry of Industry, Trade, and Investment.
“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced,” the statement read.
“A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”
It said while some beneficiaries have gotten the grant, others would get theirs later.
“In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation,” the ministry added.
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date.”
The Federal Government launched the scheme last year as part of moves to combat economic hardship owing to the fuel subsidy removal in the country.
It is targeted at nano businesses – enterprises with one or two workers and less than an annual turnover of N3 million – with each beneficiary getting N50,000.
The scheme is expected to reach one million small businesses in the 774 local government areas of the country and the six council areas in the Federal Capital Territory (FCT).
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