The Nigerian government is currently distributing N50000 grants to help people. The goal is to support one million people. So far, 150000 people have received the grant.
Doris Uzoka-Anite, the Minister of Trade and Investment, shared this update on her official social media page. She assured the public that the grant disbursement is ongoing. She mentioned that if you are waiting for your grant, please be patient. A list of all grant recipients will be shared soon to ensure transparency.
This grant distribution began last week. It is part of President Bola Ahmed Tinubu’s plan to help citizens after the removal of fuel subsidies. In December, the government launched a website for people to register for the Presidential Conditional Grant Scheme if they needed financial assistance.
Updates on Presidential Grant
Over 100,000 small businesses in Nigeria got N50,000 each from the Presidential Conditional Grant Scheme, also called the Trade Grants Scheme. Doris Uzoka-Anite said these businesses usually have one or two workers and earn less than N3 million a year. The plan is to give this grant to 1,291 businesses in each local government area.
This program started in December 2023 under the Presidential Support Programme. The government saved N200 billion to help small businesses. They planned to start giving out the money on March 9, 2024. The Trade Grant Scheme helps businesses in trade, food services, ICT, transportation, creative arts, and crafts. These grants do not need to be paid back.
Last Wednesday, the minister said they had started giving out the grants. She also said more businesses would get grants as they get more verified information from the states. To get the grant, businesses must be very small, with a Bank Verification Number (BVN) and National Identification Number (NIN). Eligible businesses will get N50,000 directly in their bank accounts.
Minister Uzoka-Anite wants to help one million micro-businesses across Nigeria’s local government areas. About 100,000 businesses have already got the money, and they are working to help one million businesses in total.
This news follows President Tinubu’s announcement eight months ago that grants would be given to manufacturers and small businesses. It comes after a recent call for businesses to give their National Identification Numbers (NINs). This is to help businesses deal with recent changes in the economy
How to Apply
Check Eligibility
Make sure you meet the eligibility criteria set by the scheme. Typically, this includes being a micro-business with one or two employees and an annual turnover below N3 million.
Gather Required Documents
Collect all necessary documents for the application process. This usually includes your Bank Verification Number (BVN) and National Identification Number (NIN).
Submit Application
Submit your application through the designated channel. This could be an online portal or a physical application form, depending on the instructions provided by the scheme organizers.
Verification Process
After submitting your application, it will go through a verification process to confirm your eligibility and the authenticity of the information provided.
Grant Disbursement
If your application is successful and passes the verification process, you will receive the grant amount directly into your bank account. This disbursement is typically done electronically.
Follow-Up
Stay informed about any messages from the scheme organizers about your application status. Make sure to comply promptly in case of any additional requirements or updates.
By carefully following these steps, you can successfully apply for the Presidential Grant Scheme and access the financial support offered to micro-business owners.