FG Begins Disbursement Of ₦50 Billion Grants To Small Businesses: Minister Updates Progress

FG Begins Disbursement Of ₦50 Billion Grants To Small Businesses: Minister Updates Progress

Dr. Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, has provided an update on the disbursement of ₦50 billion grants to small business owners in Nigeria as part of President Bola Ahmed Tinubu’s administration’s initiative……READ ALSO FG Threatens To Stop Funding Tertiary Institutions With Poor Performance

In a press release issued over the weekend, Uzoka-Anite revealed that the scheme has commenced, with over 200,000 beneficiaries already receiving alerts from the Federal Government. She further stated that an additional 800,000 individuals are set to receive their grants before the program concludes on May 31.

The initiative aims to reach a total of 1,000,000 Nigerians across all 774 local government areas. Beneficiaries were selected randomly from the 3.6 million applications received, ensuring transparency and fairness in the process.

The Minister emphasized that there is a budget of ₦50 billion allocated for disbursement in the 2024 budget. This initiative was introduced as a palliative measure to mitigate the impact of petrol subsidy removal, announced by President Tinubu in July last year.

Addressing concerns about the verification process and delays in disbursing grants, Uzoka-Anite clarified that verification involves NIN, BVN, and bank account details to prevent duplication. Disbursement is ongoing, carried out in batches to minimize errors.

While not all 3.6 million applicants will receive grants, the Minister assured that efforts are underway to ensure transparency and accessibility of the beneficiary list. The disbursement process progresses state by state, local government by local government.

Regarding future assistance, Uzoka-Anite stated that there are no current plans for another grant, and any decision on further assistance will be made by the President.

The Federal Government has implemented various palliatives in response to petrol subsidy removal, including distributing grains, cash disbursements, and wage awards. Additionally, the introduction of CNG-powered buses is set to be completed by the end of the current month.

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