Access to financial benefit of N50,000 grant will favour 1m out of 3.6m applicants
The Federal Government, through the Ministry of Industry, Trade and Investment, said on Thursday that only one million out of the 3.6 million applicants for the Presidential Conditional Grant Scheme will be beneficiaries.
The scheme, which started March 9, 2024, offers financial grants of N50,000 without repayment obligations to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans in the 774 local government areas of the country.
It targeted 70 per cent of women and youths, 10 per cent of people with disabilities, and five per cent of senior citizens, with the remaining 15 per cent distributed to other demographics.
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.”
Meanwhile, the ministry also noted that there wasn’t any interference in the processes because the verification was a digital one so individuals would not need to be contacted after verification, but disbursements will happen automatically if they passed.
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 only benefits people with nano businesses seeking to expand and be willing to formally register their businesses and hire at least one additional person as their turnover increases.
Its requirements included personal and banking information such as BVN and NIN.
The application has closed since April 17, and the payment will begin again at the end of May.
