Federal government Of Nigeria is currently releasing funds to its citizens so as to provide financial aids for their business and their welfarism. This grant aims to alleviate and reduce the poverty rate in the country. The main purpose of these grants is to provide support for small businesses owners, students who need financial aid for tuition fees, or for other personal endeavors.
These grants are targeted to aid many financial restraints, amidst them is the student grant which is only awarded to students who are in need of financial help in school, small scale business grant which are for small scale business owners who are looking to expand their business, artisans grants which are for artisans who needs financial aid in buying equipment and machines.
One of the most recent Federal Government Grants is the ₦500,000 disbursed to citizens to ease the fuel subsidy restraint. In the statement released by the minister of industry trade and investments it was revealed that the intended grant beneficiaries comprises 10% disabled people, 70% for women and youth, and 5% senior citizens, while the remaining 15% will be allocated to other demographic groups.
This grant was allocated by the government under the ministry of industry trade and investment and it was stated in the grant guide that the total sum of ₦500,000 will be allocated to all Nigerian households also they will be providing up to ₦1 million and ₦1 billion to MSMEs and manufacturers.
Eligibility Requirements For The Federal Government Grant
- Some of these Grants are only for Traders/Business owners, Creatives (makeup artists, fashion designers and dry cleaners.), Artisans (shoemakers, painters, tailors, photographers, vulcanizers, repairers).
- Some require applicants to be the owner of a nano business.
- Federal Government grants for Small scale business requires applicants to Own or be in charge of managing a business which has a high chance of advancement.
- Applicants with business should Be willing to provide employment to at least one unemployed individual after advancing their businesses.
- Since you will be using your personal information for the registration, applicants must be willing to Submit personal information like their name, surname, bank account details, Bank Verification Number (BVN), as all this information will be used for identification.
- Must have a good agenda and plans for the grant.
How To Apply For Federal Government Grant In Nigeria
The application process of the Federal government is straightforward and understandable. All you have to do is check under this paragraph and follow the step carefully. It’s also important to check the eligibility requirements first so as to know whether you are qualified to apply for the grant or not.
To apply for the federal government grant, you will need to provide some personal information and documents like BVN (bank verification number), Account Number, Account holder Name, and Bank name, Scanned Passport to apply.
After obtaining the necessary documents, proceed to the official federal government sites (fedgrantandloan.gov.ng) to apply. After navigating to the website you will be required to fill an online form using your:
- First name/Surname
- Business
- Bank account number
- BVN
- Home address
After completing the application process be patient and be vigilant as to know when disbursement is starting. You should also note that grants are different from loans. Government grants are interest free and are targeted to alleviate poverty in the country. With government grants, you don’t have to pay back, however loans must be repaid and it must be paid with interest.
FAQ’s
What Is Federal Government Grant?
The federal government grant serves as an intervention aimed at alleviating and decreasing the poverty rate within the nation.
Is There Any Federal Government Grant In Nigeria?
Yes currently the federal government is giving grants to elevate poverty and ease the strain of fuel subsidy removal. Also the Presidential Conditional Grant Programme & the Presidential Palliative Loan Programme is currently ongoing.
What Is Government Grant Financing?
The federal government grants are targeted to aid many financial restraints, amidst them is the student grant which is only awarded to students who are in need of financial help in school, small scale business grant which are for small scale business owners who are looking to expand their business, artisans grants which are for artisans who needs financial aid in buying equipment and machines.
Conclusion
The federal government of Nigeria is granting its citizens financial aid to support their business, education and other personal endeavors. To apply for the grants, visit (fedgrantandloan.gov.ng).