How to Apply for the 2023 Presidential Grants and Palliative Programs: The Federal Government of Nigeria is pleased to announce the launch of the Presidential Conditional Grant Scheme and the Presidential Palliative Loan Scheme in the form of loans and grants. These programs are part of the current administration’s efforts to soften the impact of subsidy cuts.
Regarding the President’s conditional grant and mitigation programs
The grant amount is N50,000.00 (fifty thousand naira) per beneficiary and is designed to reach one million nano-enterprises in 774 local government areas. The Federal Government will collaborate with State Governments, Honorable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators and members of the House of Representatives who will use the selection criteria of The federal government is hereby to pre-select beneficiaries from among their electorate.
The target beneficiaries are 70% women and youth, 10% people with disabilities and 5% the elderly, while the remaining 15% are distributed to other demographic groups. The loan will be administered to the beneficiaries at a single-digit interest rate of 9% per annum.
Target areas of conditional presidential grants
The target areas of the Presidential Conditional Grants Program are:
- Traders: These include single retail marketers, corner shop owners, petty traders, market men and women in open markets.
- Food Services: These include food and vegetable Vendors
- ICT: These include business centre operators, battery chargers, recharge card vendors, call centre agents
- Transportation: These include wheelbarrow pushers, independent dispatch riders
- Creatives: These include makeup artists, fashion designers, drycleaners.
- Artisans: These include vulcanizers, shoemakers, painters, repairers.
Benefits of the 2023 Presidential Conditional grant scheme and palliative programs
- N75 billion to businesses with up to N1 million for each beneficiary.
- N75 billion to manufacturers with up to N1 billion for each beneficiary
Repayment Structure
- 3 years repayment period for MSMEs.
- 1 year repayment period for working capital.
- 5 years repayment period for purchase of machinery and equipment.
Requirements
Eligible nano business beneficiaries should be willing to provide the following:
- Proof of residential/business address in their local government area
- Relevant personal and bank account information
- Bank Verification Number (BVN) for verification of identity
How To Apply For The Presidential Conditional Grant Scheme And Palliative Programs 2023
To apply for the 2023 Presidential Palliative and Conditional Grant Program, visit fedgrantandloan.gov.ng. These initiatives are expected to encourage entrepreneurship and create jobs in the economy.
Please Note that Application requirements are subjected to bank’s risk assessment criteria.
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