The federal government has disbursed the total sum of N27.2 billion within April and June 2024 (3 months) of the N50 billion grants earmarked for Nano businesses under the trade grant initiative.
This is according to data from the portal of the Presidential Conditional Grant Scheme (PCGS) as of June 30, 2024
The data which captures the number of beneficiaries who have received the N50,000 grant for their nano businesses across the 774 local government areas (LGAs) shows that 545,830 individuals have benefited from the scheme within the timeframe.
This indicates that the federal government through the Ministry of Industry, Trade and Investment have disbursed N27.2 billion to these individuals.
The scheme aimed to reach 1 million beneficiaries across all LGAs began in April and is yet to reach over 400,000 individuals.
According to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, about 4 million Nigerians registered for the N50,000 palliative grant as of June. She, however, stated only 1 million beneficiaries will be accommodated under the scheme.
She also confirmed that about 60% of the 1 million eligible applicants have received the fund.
The Minister said the fund is still ongoing, adding that the disbursement process is determined by a computer-generated random system, rather than on a first-come, first-served basis.
The Presidential Conditional Grant Scheme (PCGS) also known as the trade grant scheme is one of the Presidential Palliatives Programme aimed at supporting small businesses following the removal of subsidy.
