Federal Government Grant and Loan Scheme Portal 2024/2025

Are you a micro business owner in Nigeria looking for financial support to grow your business? Do you want to benefit from the Presidential Palliative Program initiated by the Federal Government to cushion the effects of subsidy removal? If yes, then you are in luck!

The Federal Government has launched the Federal Government Grant and Loan Portal 2024/2025 to assist one million nano businesses across the 774 local governments in Nigeria. The portal is accessible via www.fedgrantandloan.gov.ng.

In this blog post, we will explain everything you need to know about the Federal Government Grant and Loan Scheme 2024/2025, including the eligibility criteria, the application process, the deadlines, and the benefits.

What is the Federal Government Grant and Loan Scheme 2024/2025?

The Federal Government Grant and Loan Scheme 2023/2024 is a part of the Presidential Conditional Grant Scheme (PCGS), which is a component of the Tinubu Palliative Program. The PCGS aims to provide financial assistance to micro businesses in Nigeria to help them recover from the impact of subsidy removal and boost their productivity and income.

The scheme has two components: the grant and the loan. The grant component is a one-time cash transfer of ₦50,000 (Fifty Thousand Naira) per beneficiary, while the loan component is a revolving fund of up to ₦75 billion for MSMEs and manufacturers.

The grant component targets one million nano businesses across the 774 local governments in Nigeria, with a special focus on women, youth, people with disabilities, and senior citizens. The loan component targets MSMEs and manufacturers who have viable business plans and can repay the loans within a specified period.

The scheme is implemented by the Federal Government in collaboration with the State Governments, Honourable Ministers, NASME, Senators, and House of Representative Members, who will use the Federal Government’s selection criteria to shortlist the beneficiaries from their constituents.

Who is Eligible to Apply for the Federal Government Grant and Loan Scheme 2024/2025?

To be eligible to apply for the Federal Government Grant and Loan Scheme 2024/2025, you must meet the following criteria:

• You must be a Nigerian citizen and resident in Nigeria.
• You must have a valid Bank Verification Number (BVN) and a bank account.
• You must have a registered business name or a trade association membership.
• You must belong to one of the following categories of nano businesses:
  • Traders: These include single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
  • Food Services: These include food and vegetable vendors.
  • ICT: These include business center operators, battery chargers, recharge card vendors, and call center agents.
  • Transportation: These include wheelbarrow pushers and independent dispatch riders.
  • Creatives: These include makeup artists, fashion designers, and dry cleaners.
  • Artisans: These include vulcanizers, shoemakers, painters, and repairers.
• You must not have benefited from any other Federal Government intervention program in the past.
• You must have a valid means of identification, such as a national ID card, a voter’s card, a driver’s license, or an international passport.
• You must have a functional phone number and email address.

For the loan component, you must also meet the following additional criteria:

• You must have a viable business plan that shows how you will use the loan and how you will repay it.
• You must have a collateral or a guarantor that can vouch for you.
• You must have a good credit history and no outstanding debts.

How to Apply for the Federal Government Grant and Loan Scheme 2024/2025?

To apply for the Federal Government Grant and Loan Scheme 2024/2024, you need to follow these simple steps:

• Visit the official website of the scheme at www.fedgrantandloan.gov.ng.
• Choose the component you want to apply for: grant or loan.
• Fill in the online application form with your personal and business details.
• Upload the required documents, such as your ID card, BVN, business registration certificate, business plan, etc.
• Submit your application and wait for confirmation.
• If you are shortlisted, you will be contacted by the Federal Government or its representatives for verification and disbursement.

What are the Deadlines for the Federal Government Grant and Loan Scheme 2024/2025?

The deadlines for the Federal Government Grant and Loan Scheme 2024/2025 are as follows:

• N50b Grants for Nano Businesses (3 Months): The application period started on 10th Oct 2023 and will end on 5th Dec 2023. The verification and disbursement will start from 12th Dec 2023 and will be completed by 31st March 2024.
• N75b Loans for MSMEs and Manufacturers: The application period started on 10th Oct 2023 and will be ongoing until the fund is exhausted. The verification and disbursement will start from 5th Dec 2023 and will be done on a first-come, first-served basis. The repayments will start from 5th June 2024 and will be done in monthly installments.

What are the Benefits of the Federal Government Grant and Loan Scheme 2024/2025?

The benefits of the Federal Government Grant and Loan Scheme 2024/2025 are numerous, such as:

• It will provide financial support to nano businesses in Nigeria to help them cope with the effects of subsidy removal and improve their livelihoods.
• It will stimulate economic growth and create employment opportunities for Nigerians, especially women, youth, people with disabilities, and senior citizens.
• It will promote entrepreneurship and innovation among Nigerians and encourage them to start or expand their businesses.
• It will enhance the competitiveness and productivity of MSMEs and manufacturers in Nigeria and enable them to access local and international markets.
• It will foster social inclusion and reduce poverty and inequality in Nigeria.

Conclusion

The Federal Government Grant and Loan Scheme 2024/2025 is a great opportunity for micro businesses, MSMEs, and manufacturers in Nigeria to access financial assistance from the Federal Government and grow their businesses.

If you are eligible and interested, you should not hesitate to apply for the scheme and benefit from the Presidential Palliative Program.