FG begins disbursement of N50,000 grants to small business owners

Recipients of the Federal Government’s N50,000 grant for nano-business owners have begun receiving credit alerts. Dr. Doris Uzoka-Anite, Minister for Industry, Trade, and Investment, confirmed this over the weekend, noting that over 200,000 small business owners have already received their payments.

She further stated that an additional 800,000 beneficiaries will receive their grants by May 31, completing the program’s target of assisting 1,000,000 Nigerians across all 774 local government areas.

The selection process, she explained, involved random selection from among the 3.6 million applicants who met the specified conditions. This disbursement is part of the N50 billion allocated in the 2024 budget.

The initiative, announced by President Bola Ahmed Tinubu last July to mitigate the impact of petrol subsidy removal, aims to support micro, small, and medium-sized enterprises as well as the informal sector.

Dr. Uzoka-Anite clarified that disbursement is contingent upon National Identification Number (NIN) and Bank Verification Number (BVN) verification to prevent duplication. She assured that the process is conducted transparently, with physical enumeration to verify information and prevent errors.

While acknowledging that not all 3.6 million applicants will receive grants, she emphasized the thorough and time-consuming nature of the process, conducted in batches to ensure accuracy.

Regarding transparency, Dr. Uzoka-Anite affirmed that the list of beneficiaries will be published, allowing individuals to check their status via BVN and last name.

However, she noted that there are currently no plans for another grant, indicating that any future aid would be at the discretion of the President.

In addition to the grant program, the Federal Government has implemented various palliative measures following the withdrawal of petrol subsidy, including grain distribution, cash disbursement to states, and wage awards for federal workers. Furthermore, plans to introduce Compressed Natural Gas (CNG)-powered buses are expected to materialize by the end of the month.