How To Apply For The Presidential Conditional Grant Scheme And Palliative Programs 2023/2024

The Federal Government of Nigeria is delighted to announce the kickoff of the Presidential Conditional Grant Programme and Presidential Palliative Loan Programme which will be in form of loans and grants. The programmes are part of the present administration’s efforts to cushion the effect of subsidy removal.

About The Presidential Conditional Grant And Palliative Programs Scheme

The grant sum is N50,000.00 (Fifty Thousand Naira) per beneficiary, and it is designed to reach one million nano businesses in the 774 local government areas. The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.

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The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics. The loan shall be administered to  beneficiaries at a single-digit interest rate of  nine  per cent  per annum.

The Target Sectors for the Presidential Conditional Grant

The target sectors for thePresidential Conditional Grant Programme 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 Presidential Conditional grant scheme and palliative programs 2023

• 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:

1. Proof of residential/business address in their local government area
2. Relevant personal and bank account information
3. Bank Verification Number (BVN) for verification of identity

Note that Application requirements are subjected to bank’s risk assessment criteria.

How To Apply For The Presidential Conditional Grant Scheme And Palliative Programs 2023

To apply for the Presidential Conditional grant scheme and palliative programs 2023, visit fedgrantandloan.gov.ng. This initiatives are believed  to encourage entrepreneurship and job creation in the economy.

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