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Tuesday, July 23, 2024

FG Allocates N27.2 Billion to Nano Businesses Over Three Months Through Trade Grant Scheme

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The government gave out a big amount of money, N27.2 billion, from April to June 2024. This money is part of N50 billion planned to help tiny businesses.

According to a special website, 545,830 people each got N50,000 for their small businesses in all parts of the country.

This means that the government has given N27.2 billion to these people.

The plan started in April and aims to help 1 million people. But so far, it only reached about 545,830 people.

Almost 4 Million People Signed Up

The Minister of Trade, Doris Uzoka-Anite, said that by June, around 4 million people asked for the N50,000 help. But only 1 million can get it.

She also said that about 60% of the people eligible have already received their money.

The money is still being sent out. A computer picks who gets the money, so it’s fair for everyone.

“The sending of money is still going. We have sent money to about 60% of the 1 million people. You can check how many people in each area got the money on the website grant.fedgrantandloan.gov.ng/learn-more/dis.”

“Almost 4 million people asked for the N50,000 money, but only 1 million can get it. The computer picks who gets the money, so everyone has a chance. There might be other help programs in the future, but not now,” she said.

Businesses That Get Help

The tiny businesses that can get help include:

Traders: Small shop owners, market sellers.

Food Services: People who sell food and vegetables.

ICT: People who run business centers, charge batteries, sell recharge cards, and call center workers.

Transportation: People who push wheelbarrows and delivery riders.

Creatives: Makeup artists, fashion designers, and dry cleaners.

Artisans: People who fix things like shoemakers, painters, and repairers.

Important to Know

The Presidential Conditional Grant Scheme (PCGS) or trade grant scheme is to help small businesses after fuel subsidies were removed.

The plan was announced in December 2023, and money started being sent in April 2024.

The PCGS aims to give 70% of the money to women and young people, 10% to people with disabilities, 5% to older people, and the rest to others.

More than 500,000 people have gotten the money so far, with over 400,000 still waiting to get theirs.

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