President Bola Tinubu

The Federal Government has announced it has kicked off the disbursement of the N50,000 Presidential Conditional Grant Scheme to nano businesses nationwide.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, dislcosed this in a statement on Tuesday.

According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million.

Uzoka-Anite said several beneficiaries have already received their grants, which marks the beginning of the phased disbursement strategy.

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She revealed that on Friday, 19th April 2024, a considerable number of validated applicants will receive significant grant amounts.

Uzoka-Anite noted that the disbursement process is continuous, and not all applicant will get their grant on this first scheduled date.

She, however, added that all verified applicants will eventually receive their grants in subsequent phases.

The Federal Government had announced on December 2023 the kick-off of the Presidential Conditional Grant Programme and Presidential Palliative Loan Programme.

The two programmes are targeted at alleviating impact of the fuel subsidy removal.

Eligible Nano business beneficiaries are expected to provide proof of residential/business address in their local government areas.

Also, they are expected to provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity.

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