FG yet to disburse N50,000 trade grant to over half a million applicants as May deadline lapses

The federal government through the federal Ministry of Industry, Trade and Investment is yet to disburse the N50,000 trade grant to more than half of the eligible applicants which is about 500,000 Nigerians who applied for the scheme.

According to a check by Nairametrics on the federal government’s official website, the initiative has benefited a total of 414,751 individuals from all 774 local government areas (LGAs) in Nigeria since its inception in March.

As of June 1, 2024, there are still 585,249 Nigerians who are yet to benefit from the N50,000 grant scheme.

Earlier, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, indicated that the scheme aimed to cover 1 million eligible applicants, with the disbursement deadline set for May 31st.

“Many have already received their grants-thank you for your patience!  For those waiting, please hold tight.

“The disbursement process is ongoing in batches and not yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now.

“The application portal was closed at midnight on April 17, 2024.

“The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024,” the Minister said in a circular in April.

Over 3 million People indicated Interests
Furthermore, the Minister said over 3.6 million Nigerians showed interest in the scheme. However, she said only one million will be eligible to receive the grants.

She emphasized that the scheme is designed to cover this specific number of individuals.

She further explained that disbursements are not determined by specific criteria but are processed in the order of application verification.

According to the minister, the objective is to distribute funds to an estimated 1,290 beneficiaries per local government area (LGA) across the country, with the overall goal of reaching one million recipients.

Disbursements aren’t based on any specific criteria but in the order, in which applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.

“Of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses,” Uzoka-Anite added.

Possible Extension of Deadline
With more than half of the applicants still awaiting the grants, there is a possibility that the federal government will extend the deadline for those who are yet to receive the funds for their small businesses.

In April, Uzoka-Anite stated that the names of those who received the grants would be published and made known to the public following the conclusion of the program.

However, with so many people still waiting to receive the grants, the possibility is that the federal government may announce a new date as a deadline for the initiative.

What you should know
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme (PCGS) as part of the Presidential Palliatives Programme, with the aim of supporting nano businesses.

Scheduled to commence on March 9, 2024, the Trade Grant Scheme offers non-repayable financial grants to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans.

The PCGS plans to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.

The Minister announced that each qualifying recipient would receive a N50,000 grant, which will be directly deposited into their bank accounts. The goal is to reach one million small businesses across the 774 LGAs and six council areas in the Federal Capital Territory (FCT).

Emphasizing the extensive impact of the scheme, Uzoka-Anite highlighted its potential to benefit communities nationwide, targeting 1,000,000 beneficiaries.

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