Update: ”Have you received your own?” – Excitement as thousands of Nigerians received N50k from President Tinubu’s Govt, click to see how to apply

Update: ”Have you received your own?” – Excitement as thousands of Nigerians received N50k from President Tinubu’s Govt, click to see how to apply

Nigerians have begun to express immense joy as they receive N50,000 deposits in their accounts from President Tinubu’s administration.

The federal government has commenced the official disbursement of the N50,000 Presidential Conditional Grant Scheme, commonly referred to as the Trade Grants Scheme, to nano businesses nationwide.

Nano businesses, as defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), are enterprises with one or two employees and an annual turnover of less than N3 million. These businesses are the primary beneficiaries of the initiative.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made the exciting announcement on Tuesday, April 16th, 2024.

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As of the time of writing this content on Friday, April 18th, 2024, thousands of Nigerians have begun to receive N50,000 deposits from President Tinubu’s government.

It’s important to note that the disbursement is occurring in phases, and not all applicants will receive their grants today.

The Minister assures everyone that all verified applicants will eventually receive their money in the upcoming stages.

The Ministry is diligently and fairly processing applications, and they appreciate your patience as they continue this vital work. The phased disbursement plan ensures careful consideration of each application.

Recall in December 2023 when the Federal Government announced the Presidential Conditional Grant Scheme (PCGS) as part of a broader program to support small businesses.

1. How to Apply for the Fund:

– Prospective applicants are encouraged to submit their applications through the official portal at www.fedgrantandloan.gov.ng.

– For further guidance and information, visiting local Bank of Industry branches is recommended.

2. Eligibility Criteria:

To qualify for the PIF, applicants must meet the following requirements:

– Operate an existing business with at least one year of operations or possess a registered start-up.

– Present valid business registration documents from the Corporate Affairs Commission (CAC).

– Show a company bank statement for existing businesses or a chief promoter’s bank statement for start-ups.

– Meet the required monthly turnover and other specific requirements as stipulated by the bank.

3. Security:

– The program demands applicants provide a personal guarantee

– Agree to a Bank Verification Number (BVN) covenant.

– Adherence to the Global Standing Instruction (GSI) and other securities set by the bank is also required.

4. Repayment Terms: 

– Applicants can choose between Working Capital or Asset Financing options.

– The terms include a 5-year repayment period for asset financing, while working capital financing offers a 6-month moratorium on both principal and interest, followed by a 12-month equal instalment repayment plan.