Npower News: FG Grant ₦50,000 To Beneficiaries

According to Npower News, the federal government of Nigeria is giving a non repayable FG grant of ₦50,000 to beneficiaries including beneficiaries of Npower that applied for the FG grant otherwise known as federal government grant to assist them in their micro, small, and medium enterprises (MSMEs). This federal government grant is aimed at helping various MSMEs. The target is to assist one million small businesses across the federation.

According to Npower News, this federal government grant is to assist in the growth and development of small businesses, individual business owners can expand their business by employing more people later.

This federal government grant is different from the federal government loan.

The federal government is giving out federal government grants of ₦50,000 to help the growth of various businesses across Nigeria. This article provides a comprehensive guide on everything you need to know about the program.

Federal Government Grant Amount

Each selected beneficiary will receive a federal government grant of ₦50,000 to help boost their business.

Federal Government Grant Application Deadline 

The federal government grant application period is now closed. 

Federal Government Grant Disbursement Timeline

Individuals who applied and were selected,  should expect to receive the ₦50,000 federal government grant by the end of May 2024.

Federal Government Grant Selection and Notification Process

The federal government grant selection process is completely computerized. This means there is no need to wait for individual contact. Once the applicant's National Identification Number (NIN) and Bank Verification Number (BVN) are successfully verified, the federal government grant will be disbursed.

According to Npower News, it is not everyone that will get the federal government grant, out of over three million six hundred thousand federal government grant applications, only one million businesses will benefit, which implies  This means not every applicant for the federal government grant will get the grant.

The verification of the federal government grant takes time, the process of checking each applicant’s details is ongoing and can take a while. Applicants yet to receive the federal government grant are implored to exercise patience as this is important as the federal government completes the verification process of the federal government grant.

According to Npower News, receiving the federal government grant may come with the expectation that you make your business formal, what this implies is that your business should be registered and have two or more workers as your business expands.

This federal government grant is different from the federal government loan the federal government grant sum is ₦50,000 which is not repayable while the federal government loan is ₦1,000,000 which is repayable.

The federal government grant is a part of the Presidency's commitment to assist micro, small, and medium scale businesses, which are the main ingredients of the economy. By providing the federal government grant to small scale businesses, the federal government believes that this would boost economic growth and development.