The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced on Thursday that 60% of the proposed one million beneficiaries of the Presidential Conditional Grant have received a financial grant of N50,000 without repayment obligations.
The disbursement of the grants has been done across the 774 local government areas of the country. The minister also disclosed that the disbursement process is still ongoing, and applicants can track the number of beneficiaries paid so far on the official website.
Additionally, the Federal Government announced that the disbursement of N150 billion in loans to micro, small and medium enterprises (MSMEs) and manufacturers would commence by the end of July 2024.
The fund dedicates N75 billion to MSMEs and another N75 billion to the manufacturing sector to help businesses in Nigeria navigate the harsh economic realities.
She said, “To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 percent of the 1 million grants.
“You can track the number of beneficiaries per LGA paid so far on http://grant.fedgrantandloan.gov.ng – learn-more/dis.
“We are also at the final stages of vetting for the MSME and Manufacturing loans. Applications remain open, and disbursement will begin by July ending.”
Recall that in December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme as part of the Presidential Palliatives Programme aimed at supporting businesses to navigate the economic crunch caused by government policies.
Accordingly, the fund dedicates N75 billion to MSMEs and another N75 billion to the manufacturing sector to help businesses in Nigeria navigate the harsh economic realities.
How do I apply?
I want to be a beneficiary please. Thank you.
Insight Northeast will provide updates on when the application portal will open and the link to apply. The application process has not yet begun.