FG Disburses N50,000 Grant To Nigerians In July, Releases Application Link
The Federal Government of Nigeria has announced that it will begin disbursing N150 billion in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July.
This move is part of a broader effort to support businesses struggling under the current economic climate, exacerbated by various government policies.
Presidential Conditional Grant Scheme
In addition to the loan disbursement, the government has also disclosed that 60% of the targeted one million beneficiaries of the Presidential Conditional Grant Scheme have already received financial grants of N50,000 each. These grants, distributed across the 774 local government areas of the country, are provided without repayment obligations.
Official Announcement
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, shared this information on her official X handle on Thursday.
She reiterated the government’s commitment to assisting Nigerian businesses in navigating the challenging economic environment.
The Presidential Conditional Grant Scheme, unveiled in December 2023, is part of the broader Presidential Palliatives Programme designed to mitigate the economic impact of government policies on businesses.
Fund Allocation
The total fund allocated under this initiative is N150 billion, divided equally between MSMEs and the manufacturing sector.
The government recognizes the importance of these sectors in driving economic growth and is keen to provide the necessary financial support.
Disbursement Process
Uzoka-Anite thanked the applicants of the Conditional Grant Scheme for their patience, noting that the disbursement process is still ongoing.
She emphasized that 60% of the one million grants have already been allocated. Beneficiaries can track the status of disbursements per local government area on the official grant website.
Upcoming Loan Disbursement
The minister also provided an update on the MSME and Manufacturing loans, stating that the vetting process is in its final stages. Applications remain open, and disbursement will commence by the end of July. This news is significant for businesses looking to secure funding to sustain and grow their operations.
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 per cent of the 1 million grants.
“You can track the number of beneficiaries per LGA paid so far on 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.”
Addressing Complaints
In response to complaints from applicants, Uzoka-Anite explained that the selection process was not based on a first-come, first-served basis but rather on a random, computer-generated selection method. This approach ensures fairness and gives all applicants an equal chance of being selected.
She acknowledged that the disbursement process has faced delays due to issues such as incorrect or missing data, duplicate applications, and other irregularities. The ministry is working diligently to resolve these issues to ensure a smooth and fair process.
Last month, the government disbursed N20.11 billion to 402,283 beneficiaries through their bank accounts via their Bank Verification Numbers. This substantial disbursement is a testament to the government’s commitment to providing financial support to those in need.
Future Social Intervention Programs
Uzoka-Anite mentioned that while there might be future social intervention programs, there are no immediate plans at this time. The focus remains on ensuring the current disbursement processes are fair and accurate.
The minister highlighted the importance of constructive feedback from citizens, encouraging them to hold the government accountable while avoiding personal insults and hate speech.
Uzoka-Anite added, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated.
“This means not all applicants will receive the grant. The selection is not based on who applied first; everyone has an equal chance but by random computer-generated selection.
“While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time.”
Positive Impact and Testimonies
The minister revealed that testimonial videos are being released to showcase the positive impact of the grants on recipients’ lives. These stories highlight how the financial support has enabled beneficiaries to sustain and grow their businesses, contributing to the broader goal of economic prosperity in Nigeria.
She said, “The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared, showcasing how the grant has positively impacted lives and we will share many more.”
“We have prioritized accuracy over speed to ensure every Nigerian who applied has a fair shot. We had hoped to complete all 1 million disbursements by now but the process has been delayed due to incorrect or missing data, and duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation.
“Finally, it is your right as citizens to criticise and hold the government accountable. However, we encourage constructive feedback without resorting to abuse or bigotry. Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria. Thank you once again.”
How To Apply for N50,000 Grant
For Nigerians interested in the Presidential Conditional Grant Scheme, Uzoka-Anite directed them to visit the official website (grant.fedgrantandloan.gov.ng) for application details.
As the government prepares to commence the MSME and manufacturing sector loans by the end of July, eligible businesses are encouraged to apply. The application process is straightforward and designed to be accessible to all eligible candidates.
Conclusion
The Federal Government’s initiative to disburse N150 billion in loans to MSMEs and manufacturers, along with the ongoing Presidential Conditional Grant Scheme, represents a significant effort to support Nigerian businesses during challenging economic times. The commitment to transparency, fairness, and accuracy in the disbursement process is commendable, and the positive impact on beneficiaries’ lives is already evident.
As the disbursement of loans begins by the end of July, businesses are encouraged to apply and take advantage of this financial support. The government remains dedicated to fostering a more prosperous Nigeria through these targeted interventions.