The Federal Ministry of Industry, Trade, and Investment has announced the commencement of the disbursement process for the Presidential Conditional Grant Programme, according to a statement released on Tuesday.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced,” the statement read, signaling a significant milestone in the government’s efforts to support small businesses.

The statement further revealed that a number of beneficiaries have already received their grants, marking the beginning of a phased disbursement strategy. While some beneficiaries have received their grants, others are slated to receive theirs in subsequent phases.

The ministry also addressed initial delays in the disbursement process, stating, “In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation.”

Highlighting the timeline for the disbursement, the ministry stated that a substantial number of verified applicants will receive their grants by Friday, April 19, 2024. However, it emphasized that disbursements are ongoing and not all applicants will receive their grants on this initial date.

The Presidential Conditional Grant scheme was launched by the Federal Government last year as part of efforts to mitigate economic hardships resulting from the removal of fuel subsidies in the country. Targeted at nano businesses – enterprises with one or two workers and less than an annual turnover of N3 million – each beneficiary is set to receive N50,000.

With an ambitious goal to reach one million small businesses across the 774 local government areas of the country and the six council areas in the Federal Capital Territory (FCT), the scheme aims to provide vital support to micro-entrepreneurs and stimulate economic growth at the grassroots level.