The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has disclosed that 850,000 Nigerians will get Federal Government N50,000 grant in May.
She also nnounced that only one million out of 3.6 million applicants for the Presidential Conditional Grant Scheme will be selected as beneficiaries.
Launched on March 9, 2024, the scheme provides financial grants of N50,000 to eligible small business owners in sectors such as trading, food services, ICT, transportation, creatives, and artisans across the 774 Local Government Areas.
The initiative aims to support 70% of women and youths, 10% of people with disabilities, 5% of senior citizens, with the remaining 15% allocated to other demographics.
The ministry, in a Frequently Asked Questions and Answers section posted on its website by our correspondent on Friday, stated that, “Disbursements aren’t based on any specific criteria, but in the order, applications are verified. The goal is to reach an estimated 1,290 beneficiaries per LGA across the country, totalling one million.
“Disbursement is also subject to verification of NIN, which became mandatory after the initial application phase and required only BVN. The selection is random, without human intervention, from those who have passed their NIN and BVN verification.”
The ministry also emphasized that there was no interference in the processes, as the verification was conducted digitally. This means that individuals would not need to be contacted after verification. Disbursements will happen automatically for those who pass the verification process.
Regarding whether everyone who applied will receive the grant, the ministry clarified that only one million out of the 3.6 million applicants will be selected as beneficiaries.
“No, of over 3.6 million applicants, only one million will receive the grant. This is the threshold based on the amount budgeted for nano businesses. The verification process for over three million applications has been thorough and therefore time-consuming, conducted in batches to minimize errors,” it said.
The scheme specifically targets individuals with nano businesses looking to expand and who are willing to formally register their businesses and hire at least one additional person as their turnover increases. Requirements for the scheme include personal and banking information such as BVN and NIN.
The application deadline was April 17, and payments are set to commence at the end of May.
