The federal government has disbursed a total of N27.2 billion between April and June 2024 as part of the N50 billion grants earmarked for nano businesses under the trade grant initiative.
Disbursement Details and Beneficiaries
According to data from the portal of the Presidential Conditional Grant Scheme (PCGS) as of June 30, 2024, the scheme has benefited 545,830 individuals across Nigeria’s 774 local government areas (LGAs). Each beneficiary received a grant of N50,000 for their nano businesses, bringing the total disbursement within the three-month period to N27.2 billion.
Scheme Aims and Progress
The initiative, which began in April, aims to reach 1 million beneficiaries across all LGAs. Despite the substantial progress, the scheme is yet to reach over 400,000 eligible individuals.
High Registration Numbers
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, revealed that nearly 4 million Nigerians registered for the N50,000 palliative grant as of June. However, only 1 million beneficiaries will be accommodated under the scheme.
Disbursement Process
The Minister confirmed that approximately 60% of the 1 million eligible applicants have received the fund. She emphasized that the disbursement process is ongoing and is determined by a computer-generated random system rather than a first-come, first-served basis.
Minister’s Statement
“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
She also highlighted the high number of applications, noting, “It’s important to note that almost 4 million Nigerians applied for the palliative grant of N50,000, 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.”
Future Plans
While addressing the potential for future social intervention programs, Uzoka-Anite mentioned, “Mr. President may launch other social intervention programs in the future, but there are no immediate plans at this time.”