The Federal Government has commenced the disbursement of N50,000 grants to a new batch of applicants for the Presidential Conditional Grant Scheme (PCGS).
Launched by the Federal Government in December 2023, the PCGS is designed to provide non-repayable financial grants to nano businesses, aiming to bolster economic empowerment and support small-scale entrepreneurs.
The scheme extends financial grants of N50,000 to eligible small business owners operating across various sectors, including trading, food services, ICT, transportation, creatives, and artisans, encompassing all 774 local government areas nationwide.
Notably, the scheme prioritizes specific demographics, with 70% allocated to women and youths, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% to other demographic groups.
According to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, the disbursement process for the N50,000 grant is currently underway and is expected to conclude by the end of May.
She emphasized that the application window for the scheme has closed, and disbursements are being carried out in batches.
Uzoka-Anite reassured applicants that all successful candidates will receive their alerts by the end of May, without the need for further action on their part.
She highlighted that the disbursement process is ongoing and will continue until all remaining eligible applicants have received their grants.
Regarding eligibility, Uzoka-Anite clarified that out of over 3.6 million applicants, only one million will be selected to receive the grants, aligning with the scheme’s budgetary provisions.
Disbursements are processed based on the order of application verification, with the aim of reaching an estimated 1,290 beneficiaries per local government area (LGA) nationwide.
Furthermore, the Minister explained that disbursements are contingent upon the verification of National Identification Numbers (NIN), which became mandatory after the initial application phase.
She emphasized that the selection process is random, without human intervention, from applicants who have successfully passed both NIN and BVN verification.
For those who may not qualify for the nano business grant, Uzoka-Anite noted that they may be eligible for a single-digit interest loan, with applications still ongoing at fedgrantandloan.gov.ng.
In summary, the Federal Government’s initiative to provide N50,000 grants through the PCGS underscores its commitment to fostering entrepreneurship and economic empowerment among small-scale businesses in Nigeria.
Through transparent and systematic processes, the government aims to ensure equitable distribution of grants to deserving beneficiaries across the country.