BusinessNEWS

Only 1m of 3.6m Applicants Will Get N50,000 Grant- FG

Its focus is on supporting 70% women and youths, 10% individuals with disabilities, 5% senior citizens, and allocating the remaining 15% to other demographic groups.

By Musa Ibrahim

The Ministry of Industry, Trade, and Investment announced that out of 3.6 million applicants for the Presidential Conditional Grant Scheme, only one million will receive benefits.

Launched on March 9, 2024, the scheme provides non-repayable financial grants of N50,000 to eligible small business owners across sectors like trading, food services, ICT, transportation, creatives, and artisans in all 774 local government areas.

Its focus is on supporting 70% women and youths, 10% individuals with disabilities, 5% senior citizens, and allocating the remaining 15% to other demographic groups.

The ministry, in a Frequently Asked Questions and Answers generated by our correspondent on its website on Friday, said, “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.”

Additionally, the ministry emphasized that there was no interference in the processes, as verification was conducted digitally. Therefore, individuals would not require further contact after verification. Disbursements would occur automatically for those who passed the verification process.

Whether everyone who applied will get the grant, the ministry stated, “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.”

The scheme exclusively aids individuals with nano businesses aiming to grow and are prepared to formally register their businesses while hiring at least one additional person as their turnover rises.

Its prerequisites encompassed personal and banking details like BVN and NIN.

The application closed on April 17, with payments slated to resume by the end of May.

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