The Federal Government (FG) via the Ministry of Industry, Trade and Investment has commenced the disbursement of the N200 billion Presidential Conditional Grant Scheme which was disclosed by the Minister of Industry, Trade and Investment, Doris Aniete through her official X (formerly Twitter) page. She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date.
“However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
President Bola Ahmed Tinubu announced the grant scheme in 2023 and manufacturers and business owners were asked to submit their National Identification Numbers as part of the requirements to obtain the grant.
In his address, the President said, “We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity.
“Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 percent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital.”
