Nigerians have started expressing utmost joy as they have started receiving N50K inside their accounts from president Tinubu’s government.
The federal government has officially kicked off the disbursement of the N50,000 Presidential Conditional Grant Scheme, popularly known as the Trade Grants Scheme, to nano businesses across Nigeria.
Nano businesses, defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) as enterprises with one or two workers and an annual turnover of less than N3 million, are the primary beneficiaries of this initiative.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the exciting news on Tuesday, April 16th, 2024.
As of the moment of filling this content on Friday, April 18th 2024, thousands of Nigeria from the Tinubu’s government.
It’s important to understand that the disbursement is happening in phases. Not all applicants will receive their grant today.
The Minister assures everyone that all verified applicants will eventually get their money in the coming stages.
The Ministry is processing applications carefully and fairly. They ask for your patience as they continue this important work. The phased disbursement plan ensures proper consideration of each application
Remember back in December 2023? The Federal Government announced the Presidential Conditional Grant Scheme (PCGS) as part of a larger program to support small businesses.
See screenshots of people that have received N50K in their accounts below;
below;
- How to Apply for the Fund:
– Prospective applicants are encouraged to submit their applications through the official portal at www.fedgrantandloan.gov.ng.
– For further guidance and information, visiting local Bank of Industry branches is recommended.
- Eligibility Criteria:
To qualify for the PIF, applicants must meet the following requirements:
– Operate an existing business with at least one year of operations or possess a registered start-up.
–
– Present valid business registration documents from the Corporate Affairs Commission (CAC).
– Show a company bank statement for existing businesses or a chief promoter’s bank statement for start-ups.
Meet the required monthly turnover and other specific requirements as stipulated by the bank.
- Security:
– The program demands applicants provide a personal guarantee
– Agree to a Bank Verification Number (BVN) covenant.
– Adherence to the Global Standing Instruction (GSI) and other securities set by the bank is also required.
