The Federal Government has initiated the disbursement process for the Presidential Conditional Grant scheme, targeting nanobusinesses in Nigeria.

These small enterprises, characterized by one or two workers and an annual turnover of less than N3 million, are set to receive N50,000 each through this program.

In a statement released by the Federal Ministry of Industry, Trade, and Investment on Tuesday, it was announced that the disbursement process has officially begun. Some beneficiaries have already received their grants, signaling the start of the phased disbursement approach.

The ministry elaborated on the process, stating that initial delays in NIN verification and application continuation have been resolved in collaboration with telecommunications providers. By Friday, 19th April 2024, a substantial disbursement will be made to verified applicants. However, it's important to note that disbursements are ongoing, and not all applicants will receive their grants on this initial date.

Launched last year in response to economic challenges following the removal of fuel subsidies, the Presidential Conditional Grant Programme aims to support one million small businesses across Nigeria's 774 local government areas and six council areas in the Federal Capital Territory.