More than 3 million Nigerians seek FG’s N50,000 grant

The Federal Government reports that more than 3.6 million Nigerians have submitted applications for the Presidential Conditional Grant Scheme, initiated by the Ministry of Industry, Trade and Investment.

Out of these applicants, only one million are expected to become beneficiaries.

Launched on March 9, 2024, the scheme provides N50,000 financial grants, without repayment obligations, to qualified small business owners across various sectors including trading, food services, ICT, transportation, creatives, and artisans within the 774 local government areas nationwide.

The initiative aims to prioritize 70% women and youths, 10% individuals with disabilities, and 5% senior citizens, with the remaining 15% allocated to other demographic groups.

The ministry, in a Frequently Asked Questions and Answers 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.”

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.