Federal Government Grant, Federal Government Loan And Conditional Cash Transfer

The federal government grant sum is ₦50,000 and the federal government grant is not repayable, the federal government grant is still ongoing until the 1290 per local government and the 1,000,000 households are captured, applicants yet to receive their federal government grant are advised to exercise patience as the federal government grant disbursement has not been concluded yet.

Regarding the federal government loan, the federal government loan disbursement has not commenced yet and the federal government loan application is still ongoing, the requirements for the federal government loan application is that a business must be registered under the Corporate Affairs Commission (CAC) or Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) the federal government loan maximum amount is ₦1,000,000, the federal government loan is not federal government grant and will be repaid with interest and not 'free money' as some applicants claim.

Finally regarding the conditional cash transfer, the conditional cash transfer is ongoing in some states but yet to commence in other states across the federation, the conditional cash transfer application will not be done online, but through the state cash transfer office and the enrollment officers for a particular state, beneficiaries that qualify for the conditional cash transfer will be receiving ₦25,000 which will be paid three times for three months respectively making a total of ₦75,000.

Npower News Tuesday June 11th 2024

According to Npower News today Tuesday June 11th 2024, House of Representatives want the Federal Government to start Npower payment to Npower batch c beneficiaries.

The House of Representatives has called on the Federal Government to start the Npower payment to beneficiaries of Npower batch c and other National Social Investment Programs to reduce the hardship faced by the poor and vulnerable Nigerians.

The suspension of the Minister of Humanitarian Affairs and Poverty Alleviation Betta Edu and the sacking of the National Coordinator of the National Social Investment Programmes Agency Ms Halima Shehu have further exacerbated the hardship faced by beneficiaries of Npower batch c, potentially leading to social unrest.

The House of Representatives stressed the need for stability, development, and equitable wealth distribution among citizens of Nigeria.

The House of Representatives also accused the planned steering committee Board overseen by the Minister of Finance, Mr Wale Edun as the National Social Investment Program was an act of Parliament that requires legislative amendment before it could be supervised by another body.

The House of Representatives pleaded with the Federal Government to hasten action to complete the ongoing investigation of the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu and put on hold the planned establishment of the Steering Committee Board to oversee the National Social Investment Programmes.

Source: https://radionigeria.gov.ng/2024/03/13/reps-want-fg-to-resume-payment-of-n-power/

How To Check If You Will Receive The Federal Government Grant Or Not

Lots of applicants are not sure whether they will receive the federal government grant or not.

Although I have posted this previously but for the purpose of individuals who missed this write up I will be posting this again.

Below are ways to check if you will be receiving the federal government grant:

1) Applicants that completed their federal government grant application successfully before the federal government grant application deadline will receive the federal government grant.

2) Applicants that completed the federal government grant application when the NIN column was not available on the federal government grant portal but updated their NIN manually when instructed to do so, will receive the federal government grant.

3) Applicants that were sent test messages to proceed to their local government area for data capturing and followed the instructions on the text message by proceeding to their local government area will receive the federal government grant.

4) Applicants that checked the federal government grant portal and used their phone number to check their NIN verification status and received the message "NIN already updated" will receive the federal government grant.

5) Applicants that applied successfully for the federal government grant before the deadline and checked the federal government grant portal and observed that the maximum number of beneficiaries for the federal government grant has not reached 1290 will receive the federal government grant.

6) Applicants that updated their NIN after the deadline for the federal government grant might not receive the federal government grant.

With the above, applicants for the federal government grant can know their stand whether they will be receiving the federal government grant or not. The federal government grant disbursement is ongoing and will continue until the 1,000,000 beneficiaries have all received the federal government grant.

3,600,000 Federal Government Grant Applications Received, 1,000,000 Considered, 2,600,000 Rejected

According to Npower News on the federal government grant disbursement would like to the Federal Government Grant Program received an overwhelming response with 3,600,000 applications submitted. The Federal Government is inspired by the enthusiasm and the trust applicants for the federal government grant have placed in this federal government grant initiative.

However, as a result of budgetary constraints, the Federal Government are currently able to accept only 1,000,000 applicants for the  federal government grant disbursement. This implies that, regrettably, 2,600,000 applicants for the federal government grant will not be able to receive the federal government grant grant at this period.

The federal government understand that this may lead to concerns and it might appear as though payments for the federal government grant are not being processed. The federal government want to assure everyone that the selection process is rigorous and transparent, and the federal government grants are indeed being disbursed to the selected one million applicants.

The federal government is actively seeking additional funding and exploring ways to expand the federal government program so that more applicants can benefit from the federal government grant in the future. The federal government, Bank of Industry and the ministry for Industry, Trade and Investment appreciate your patience and understanding as we navigate these challenges.

For applicants who have not been selected for the federal government grant disbursement, please always follow this Facebook page and other  official channels for future opportunities and updates on the federal government grant program.

SMEDAN, Sterling Bank Launches ₦5,000,000,000 Loan For Nano, Micro, Small and Medium Enterprises (NMSMEs)

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in partnership with Sterling Bank Limited, on Monday, launched ₦5,000,000,000 initiative-Databanc loan to address financial gaps for Nano, Micro, Small and Medium Enterprises (NMSMEs).

Recall that the initiative was launched in Lagos with the theme: “Building with Data: Promoting Economic Growth through Data Driven Insights.”

Databanc is a ₦5,000,000,000 single digit loan to engender easier access to funds by Nano, Micro, Small and Medium Enterprises (NMSMEs).

Mr Bunmi Kole-Dawodu, the Lagos State Manager, for Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said the funding tool would be geared towards providing local and tailored made support for business at the smallest levels.

Kole-Dawodu added that the funding tool would provide access to markets and all factors to drive entrepreneurship.

Kole-Dawodu said the ₦5,000,000,000 loan initiative would aid Nigeria’s export potential and provide accurate data information about nano enterprises to drive their growth and sustainability.

Kole-Dawodu noted that Nano, Micro, Small and Medium Enterprises (NMSMEs) had hitherto complained about not having easy access to financial interventions.

“Now this platform would provide accurate data on nano, micro and small businesses in Nigeria while facilitating the requisite business support for these businesses.

“It is important to have the support of business membership organisations to help encourage members to go on the platform and register to foster data driven insights,” Kole-Dawodu said.

Kole-Dawodu restated SMEDAN’s commitment and dedication to the development of small businesses across the country and urged SMEs to trust in the agency for all round support.

Kole-Dawodu pledged to collaborate with partners, stakeholders and business organisations to further advance the cause of small businesses in the country.

The Director General, SMEDAN, Mr Charles Odii, said that data was critical to the agency to help it make more informed economic decisions to build small businesses ecosystem.

Mr Charles Odii said the agency as the vanguard for livelihood enhancement would continue to bridge the gap between the government and small businesses.

“One thing we have observed is that businesses are not responding or taking advantage of the various interventions out there for them.

“Databanc as a platform would help build products’ knowledge about small businesses and it is very important for entrepreneurs to be aware of this to help grow their businesses,” Mr Charles Odii said.

Mrs Bolanle Tyson, Head, SME Products, Sterling Bank Ltd., said Databanc was a ₦5,000,000,000 single digit loan to engender easier access to funds by nano and micro businesses.

Mrs Bolanle Tyson said the Databanc, a formalised portal to access funding without human interface for businesses with tax identification number, registered with the Corporate Affairs Commission, provided funding from ₦250,000 to ₦2,500,000 for one year.

Mrs Bolanle Tyson said that with the “SMEDAN Databanc Platform,” NMSMEs would be adequately captured with unique identifiers for business data integrity.

“The platform has a unique promoter ID, unique business ID generated for each business owner with seamless onboarding experience to provide exclusive business development and support initiatives generated through SMEDAN.

“It makes it easier to track businesses and provide creative solutions to foster business growth and sustainability by unlocking businesses’ potential with the SMEDAN ₦5,000,000,000 loan program for success,” Mrs Bolanle Tyson said.

Applicants should click here https://client.smedanmsmedatabanc.ng/login to apply 

Source: https://www.vanguardngr.com/2024/06/smedan-sterling-bank-unveil-n5bn-loan-for-small-businesses/

The Student Loan Initiative

It is emotionally rewarding that the long-awaited student loan initiative of the federal government of Nigeria has finally started. The idea of the student loan was first raised last year by President Bola Ahmed Tinubu but could not commence as earlier scheduled. Instructively, thousands of Nigerian university students have listed for the student loan scheme since the Nigerian Education Loan Fund (NELFUND) student loan portal opened.

The managing director/chief executive officer of the Nigeria Education Loan Fund (NELFUND), Dr. Akintunde Sawyer, said at a pre-application awareness press conference in Abuja that 1,200,000 students in federal tertiary institutions, including federal universities, polytechnics, colleges of education, and technical colleges, would benefit from the first phase of the student loan scheme. There are about two hundred and twenty six federal tertiary institutions in the country, comprising sixty two universities, forty one polytechnics, ninety six monotechnics and twenty seven colleges of education.

Similarly, there are sixty three state universities, fifty four state polytechnics, fifty seven state monotechnics and one hundred and eleven state technical colleges. There are also fifty one state colleges of education. Nigeria has about one hundred and forty seven private universities, fifty one polytechnics and twenty colleges of education.

The launching of the student loan scheme came on the heels of President Bola Ahmed Tinubu signing the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law in April. The assent was sequel to scrutiny by the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and the Tertiary Education Trust Fund. This is a welcome development.

The Student Loan Act empowers the Nigeria Education Loan Fund (NELFUND) to provide student loans to qualified Nigerian students for tuition, fees, charges and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in Nigeria. It replaced the Student Loan Act, 2023, by removing the family income threshold so that students can apply for student loans and accept responsibility for repayment, according to the guidelines of the Nigeria Education Loan Fund (NELFUND).

According to Dr. Akintunde Sawyer, the student loan, which will be paid directly to the institutions will be 100% tuition fee per session while monthly stipends will be paid directly to the benefitting students to serve as support. The student loan will be repaid 2 years after the completion of the compulsory one-year National Youth Service Corps scheme.

It is expected that the student loan scheme will increase Nigerian youths’ access to higher education. President Bola Ahmed Tinubu highlighted this fact soon after the Student Loan Act was signed at the State House, Abuja. “This is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future,” President Bola Ahmed Tinubu stated.

Although the student loan scheme will in its first phase accommodate about 1,200,000 beneficiaries from federal universities, polytechnics and colleges of education, it is expected that students from state universities and other tertiary institutions owned by the states will be considered in the second phase of the student loan scheme. We also enjoin the government to factor students from private universities, polytechnics and colleges of education in the student loan scheme.

In fact, every Nigerian student in a higher institution should be accommodated in the student loan scheme.

No Nigerian student in higher institution should be excluded from the laudable student loan scheme. To accommodate more students in the student loan scheme, the government should significantly increase the number of beneficiaries. We urge the government to ensure that the implementation of the student loan scheme is transparent and seamless. The student loan should be given to those who are qualified for it. On no account should the student loan scheme be politicised or used to settle party supporters.

Since the student loan scheme is a federal government initiative, the state governments can also introduce a similar student loan scheme in their domains to cater for other students that could not be accommodated in the present student loan scheme. As a developing nation, there is urgent need to widen the access to higher education so that many Nigerian students will actualise their higher education dreams and aspirations.

While the student loan scheme is worthy of praise, the government must begin to equip universities, polytechnics and colleges of education across the country. The government should increase the funding of these institutions. Let there be emphasis on technical education and vocational skills acquisition, which will make our graduates self-employed and entrepreneurs as well as enable them create jobs.

Source: https://sunnewsonline.com/the-student-loan-scheme/