By Tochukwu Bliss, Abuja
The Federal Government, yesterday, said it has officially commenced the disbursement process for the N50,000 Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme, to nano businesses across Nigeria.
The scheme last year as part of moves to combat economic hardship owing to the fuel subsidy removal in the country.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, in a statement, said: “A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”
She added that “By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants.”
She explained that “In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation.”
Ms. Uzoka-Anite further noted that “It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date.
“However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
Accordingly, the Minister called for patience with the processing of the applications, which according to her, are being done “with the utmost diligence and fairness,” aimed at “ensuring a smooth and transparent process.”
“The phased disbursement plan has been designed to ensure that each application is given the consideration it deserves,” she added.
The Grants Scheme 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 in Nigeria as well as the six council areas in the Federal Capital Territory (FCT).
It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date.