Only 1m Nigerians Out Of 3.6m Applicants Will Get N50,000 Grant – FG

The Federal Government, under the Ministry of Industry, Trade, and Investment, has announced that out of the 3.6 million applicants for the Presidential Conditional Grant Scheme, only one million will be selected as beneficiaries.

Launched on March 9, 2024, the scheme offers financial grants of N50,000 to eligible small business owners across various sectors, including trading, food services, ICT, transportation, creatives, and artisans, spanning all 774 local government areas.

Targeting specific demographics, the scheme aims to allocate 70% to women and youths, 10% to people with disabilities, 5% to senior citizens, and the remaining 15% to other demographics.

Addressing frequently asked questions, the ministry clarified that disbursements are based on verification order rather than specific criteria.

Selection is randomized, with verification requiring both National Identification Number (NIN) and Bank Verification Number (BVN).

The ministry assured that verification processes are digitally conducted, minimizing human intervention and ensuring transparency.

Regarding grant distribution, only one million applicants will receive assistance, as per the budget allocation for nano businesses.

The verification process, covering over three million applications, is comprehensive and conducted in batches to minimize errors.

The scheme specifically benefits nano businesses intending to expand, requiring formal business registration and hiring additional personnel as turnover increases.

Application closed on April 17, with payments set to commence again at the end of May.