diff --git a/.changelog/unreleased/bug-fixes/1999-fix-pgf-stewards-funding.md b/.changelog/unreleased/bug-fixes/1999-fix-pgf-stewards-funding.md
new file mode 100644
index 0000000000..73ae0da0da
--- /dev/null
+++ b/.changelog/unreleased/bug-fixes/1999-fix-pgf-stewards-funding.md
@@ -0,0 +1,2 @@
+- Fixed the pgf stewards reward to be constant regardless of the number of
+  stewards. ([\#1999](https://github.com/anoma/namada/pull/1999))
\ No newline at end of file
diff --git a/apps/src/lib/node/ledger/shell/finalize_block.rs b/apps/src/lib/node/ledger/shell/finalize_block.rs
index 53252065f1..cc14275c4d 100644
--- a/apps/src/lib/node/ledger/shell/finalize_block.rs
+++ b/apps/src/lib/node/ledger/shell/finalize_block.rs
@@ -828,13 +828,16 @@ where
             pgf_parameters.pgf_inflation_rate / Dec::from(epochs_per_year);
         let pgf_inflation = Dec::from(total_tokens) * pgf_pd_rate;
 
+        let stewards = pgf::get_stewards(&self.wl_storage)?;
         let pgf_stewards_pd_rate =
             pgf_parameters.stewards_inflation_rate / Dec::from(epochs_per_year);
         let pgf_steward_inflation =
             Dec::from(total_tokens) * pgf_stewards_pd_rate;
+        let total_pgf_stewards_inflation =
+            pgf_steward_inflation * Dec::from(stewards.len());
 
         let pgf_inflation_amount =
-            token::Amount::from(pgf_inflation + pgf_steward_inflation);
+            token::Amount::from(pgf_inflation + total_pgf_stewards_inflation);
 
         credit_tokens(
             &mut self.wl_storage,
@@ -877,18 +880,9 @@ where
         }
 
         // Pgf steward inflation
-        let stewards = pgf::get_stewards(&self.wl_storage)?;
-
-        let pgf_steward_reward = match stewards.len() {
-            0 => Dec::zero(),
-            _ => pgf_steward_inflation
-                .trunc_div(&Dec::from(stewards.len()))
-                .unwrap_or_default(),
-        };
-
         for steward in stewards {
             for (address, percentage) in steward.reward_distribution {
-                let pgf_steward_reward = pgf_steward_reward
+                let pgf_steward_reward = pgf_steward_inflation
                     .checked_mul(&percentage)
                     .unwrap_or_default();
                 let reward_amount = token::Amount::from(pgf_steward_reward);