Business News
About 60% of applicants have received N50,000 under trade grant scheme — Doris Uzoka-Anite
The Minister of Trade and Investment, Doris Uzoka-Anite, has said that about 60% of the 1 million applicants have received the N50,000 of the trade grant scheme.
Uzoka-Anite made this disclosure in a statement on her X (formerly Twitter) account on Thursday.
The Minister said the disbursement is still ongoing, adding that about 4 million Nigerians registered for the scheme.
Uzoka-Anite stated that the disbursement process is determined by a computer-generated random system, rather than on a first-come, first-served basis.
“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% 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
“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,” she said.
Deadline Extension
Furthermore, the Minister said the scheme is still ongoing, which means the deadline which was initially scheduled for May 2024, has now been extended indefinitely.
She said the government is working tirelessly to ensure that all eligible applicants receive the grants.
“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, duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation,” she added.
In April, Uzoka-Anite stated that the names of those who received the grants would be published and made known to the public following the conclusion of the program.
Backstory
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme, aiming to support nano businesses.
Scheduled to start on March 9, 2024, the Trade Grant Scheme provides non-repayable financial grants of N50,000 to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans.
The PCGS aims to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.
The minister of Industry, Trade and Investment, Doris Uzoka-Anite, said that each qualifying recipient would receive a N50,000 grant, directly deposited into their bank accounts. The objective is to reach one million small businesses across the 774 LGAs and six council areas in the Federal Capital Territory (FCT).
Uzoka-Anite emphasized its potential to benefit communities nationwide, targeting 1,000,000 beneficiaries.
