Only one million out of 3.6 million applicants will benefit from the Presidential Conditional Grant Scheme, the Federal Government announced on Thursday through the Ministry of Industry, Trade and Investment.
Since March 9, 2024, small business owners across the country have been eligible for a N50,000 financial grant with no repayment obligations. The scheme supports entrepreneurs in various sectors, including trading, food services, ICT, transportation, creatives, and artisans, in all 774 local government areas.
The scheme prioritizes women and youths, allocating 70% of its resources to these demographics. Additionally, 10% is reserved for people with disabilities, 5% for senior citizens, and the remaining 15% is distributed among other groups, ensuring a diverse and inclusive reach.
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.”
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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 is designed to support nano business owners who are eager to expand and formalize their operations. To qualify, they must be willing to register their business and hire at least one additional employee as their turnover grows.
Applicants must be willing to share sensitive personal and banking information, including their BVN and NIN, to meet the scheme’s requirements and ensure accountability.
The scheme’s application period ended on April 17, and payments are scheduled to start again at the end of May, much to the anticipation of those awaiting support.