Everything To Know About The Free N50,000 Distributed By Federal Government

The news of free N50,000 disbursed by the federal government visited the internet in the wake of the week. Many Nigerians have been wondering if the news is true and at the same time curious as to how the grant works. This article will reveal everything to know about the free N50,000 distributed by the Federal Government.

The Announcement Of The Grant

In December 2023, a significant opportunity opened to Nigerian nano businesses. The Federal Government announced the Presidential Conditional Grant Scheme (PCGS) as part of a larger program to support small businesses with #50,000. This move is geared towards rendering financial help to Nigerians in charge of very small-scale enterprises typically run by one or two employees. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), their yearly income is less than N3 million.

Doris Uzoka-Anite, The Minister of Industry, Trade and Investment, shared the good news that the N50,000 grant will be directly deposited into beneficiaries’ accounts. This program aims to reach one million small businesses across all 774 local government areas and the six council areas in the Federal Capital Territory (FCT).

The Disbursement

On Tuesday, 16th April 2024, the Minister of Industry, Trade and Investment announced exciting news. She shared that many qualified businesses have already received their grants, marking the beginning of a multi-stage disbursement process. A significant number of verified applicants will receive a substantial amount of money by Friday, April 19th, 2024. However, the minister explained that the disbursement is happening in phases. Not all applicants will receive their grant on this first date. The Minister assures everyone that all verified applicants will eventually get their money in the coming stages.

Application Process

The application started in December 2023. and it has closed However, the federal government announced that they’ve reopened the application portal for the Presidential Conditional Grant Scheme (PCGS), a program designed to support nano businesses across the country.

How to apply

The application process is expected to be online. Unfortunately, the specific website address isn’t mentioned here. Keep an eye out for official government announcements for the application link.

Portal Link: https://grant.fedgrantandloan.gov.ng/apply
Application Link: https://grant.fedgrantandloan.gov.ng/

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. They understand how important this money is for small businesses and they want to make sure the process is fair and honest. They also want to thank everyone who applied for their patience and understanding.

What Businesses qualify?

The Trade Grant Scheme provides financial help, without the need to repay, to eligible small business owners. These businesses operate in various sectors, including:

• Trading: single retailers, corner shop owners, petty traders, market sellers
• Food services: Food and vegetable vendors
• Information and Communication Technology (ICT): Business center operators, phone chargers, recharge card sellers, call center agents
• Transportation:  Wheelbarrow pushers, independent delivery riders
• Creative industries: Makeup artists, hair stylists, fashion designers, dry cleaners
• Artisans (skilled craft workers):  Vulcanizers, shoemakers, painters, repairers

Grant Eligibility

It is important to check your eligibility before applying. To apply you must;

1. Own a nano business.
2. Operate a business with progressive economic potential, and desire to grow the business.
3. Be willing to engage at least one additional staff member if turnover increases
4. Be willing to provide proof of residential/business address in the Local Government Area
Provide relevant personal and bank account information, including Bank Verification
(BVN) for verification of identity
5. Meet the application submission deadline.

  The program however prioritizes empowering specific groups such as:

• 70% of grants go to women and young people.
• 10% are allocated to people with disabilities.
• 5% are for older citizens.
• The remaining 15% is distributed to others

This program is a great way for the government to support and encourage small businesses in Nigeria.

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