FG Grant Announcement: We must finish the N50,000 grant disbursement on this new date

FG Grant Announcement: We must finish the N50,000 grant disbursement on this new date

The N50,000 grant program for nanobusinesses, which is open to one million applications nationwide, is still ongoing, according to the Federal Ministry of Industry, Trade and Investment. They anticipate finishing the program By the end of May.

This announcement was made by Minister Doris Uzoka-Anite, who oversees the initiative, in a frequently asked questions (FAQ) circular posted on her official X (formerly Twitter) account on Thursday.

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The program’s application period is already closed, and Uzoka-Anite reports that all remaining qualified applicants will get notifications by the end of May.

“Thank you for your patience; many have already gotten their grants! Hold tight, folks who are waiting.

“The disbursement procedure is still under progress and is being done in batches. Between now and the end of May, all remaining successful applicants will get their alerts.

For the time being, you do not need to take any more action. The application portal closed on April 17, 2024, at midnight.

“The payout is being processed in stages at this time. It is anticipated to be finished by May 2024’s end. If you didn’t win the nanobusiness grant, you might be qualified for a loan with just one digit of interest. Fedgrantandloan.gov.ng is still accepting applications, the representative stated.

There will only be one million grant recipients.

In addition, the Minister clarified that the program is limited to covering one million of the more than 3.6 million applicants who will be eligible for the subsidies.

She clarified that payments are made by the sequence in which applications are validated rather than according to any set of predetermined standards.

As to her statement, the intention is to disburse payments to approximately 1,290 people per local government area (LGA) nationwide, with a target of one million recipients in total.

Applications are examined in the order they are submitted, but no set criteria govern the distribution of funds. The objective is to serve an estimated 1 million people nationwide, or 1290 beneficiaries in each Local Government Area.

“Disbursement is contingent upon NIN verification, which was formerly solely necessary during the initial application step but is now mandatory. Those who have passed both their BVN and NIN verification are chosen at random, with no human involvement.

Just one million out of the more than 3.6 million applicants will be awarded a grant. According to Uzoka-Anite, this is the cutoff point based on the amount allocated for nanobusinesses.