See how to apply as FG invites Nigerians to apply for its N50,000 cash grant

• The federal government is inviting Nigerians to apply for business loans just as it prepares to begin disbursement
• The government said nearly 4 million Nigerians applied for the N50,000 grant, but only 1 million will benefit
• An update has also been provided for the Presidential Conditional Grant Scheme and how applicants can track the status of disbursements

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Minister of Industry, Trade and Investment Doris Uzoka-Anite has disclosed that it will commence disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) at the end of July 2024.

The Minister disclosed this in a post shared on X handle on Thursday, June 28, 2024.

FG says at least N600,000 Nigerians have received N50,000 under Presidential Conditional Grant. Photo credit: Presidency
Source: Facebook

FG disburses funds to MSMEs

The Minister also revealed that Nigerians still have opportunities to apply for the Presidential Conditional Grant Scheme.

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According to her, the federal government has already disbursed 60% of the expected one million beneficiaries across Nigeria's 774 local government areas without repayment obligations.

In her statement, she acknowledged challenges such as incorrect data submissions, duplicate applications, and spurious entries, which have slowed down the process, but assured that efforts are underway to resolve these issues swiftly.

The Minister stated.

"The disbursement process is ongoing, and we have allocated about 60% of the 1 million grants. "Applicants can track the status of disbursements per Local Government Area at grant.fedgrantandloan.gov.ng/learn-more/dis.

Uzoka-Anite further emphasized the government's dedication to fairness and accuracy in the disbursement process, Punch reports.

How to apply

The Minister also asked Nigerians interested to visit grant.fedgrantandloan.gov.ng.

"As we prepare for the commencement of MSME and manufacturing sector loans by the end of July, applications remain open. We encourage all eligible businesses to apply."

Businessman distributes free rice

In a related story, Legit.ng reported that a rich businessman identified on Instagram as Blord put smiles on the faces of his town's people during Christmas festivities.

Blord was seen in a trending video opening the gate of his house to allow poor people to troop in to collect food.

Blord reportedly shared 1200 bags of rice and four cows with the people who were seen hailing him as their hero.

Source: Legit.ng