The Federal Government has initiated the distribution of the N200 billion Presidential Conditional Grant Scheme to verified applicants, aimed at supporting manufacturers and businesses nationwide. The Bank of Industry, tasked with disbursing the funds, announced its plan to allocate the money across three categories to bolster various sectors of the economy.
Minister of Industry, Trade, and Investment, Doris Anite, provided a progress report on X (formerly Twitter) on Tuesday, revealing that some beneficiaries have already received their grants. Anite assured that another substantial disbursement would occur by Friday, April 19, 2024, with ongoing disbursements slated to continue thereafter.
In her statement, Anite emphasized the importance of patience from stakeholders, acknowledging the critical role these grants play in sustaining livelihoods and businesses amidst economic challenges. She assured applicants of a transparent and diligent process, highlighting efforts to address initial delays in NIN verification and application continuation.
President Bola Tinubu had previously announced the grant as part of his administration’s commitment to bolstering the manufacturing sector and creating employment opportunities. Following the announcement, applicants were directed to submit their National Identification Numbers (NIN) to fulfill grant requirements, aimed at mitigating the impact of recent economic reforms on businesses nationwide.