Only one million of 3.6 million applicants will get N50,000 grant — Nigerian govt

The Federal Government 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, by the Ministry of Industry, Trade and Investment, the scheme offers N50,000 financial grants without repayment obligations to eligible small business owners across various sectors, including trading, food services, ICT, transportation, creatives, and artisans, operating in the 774 local government areas nationwide.

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

Responding to inquiries via Frequently Asked Questions and Answers on its website, the ministry clarified that disbursements are conducted based on the order of application verification. The objective is to reach approximately 1,290 beneficiaries per Local Government Area, totaling one million nationwide.

Furthermore, the ministry emphasized that the verification process, now requiring both NIN and BVN, is automated without human intervention to ensure fairness. It assured that successful applicants would receive automatic disbursements without the need for further contact.

However, the ministry clarified that not all applicants would receive the grant due to budget constraints, with only one million selected based on the allocated funds for nano businesses. The verification process, which has been meticulous and time-consuming, is conducted in batches to minimize errors.

The scheme targets nano businesses seeking expansion, requiring formal business registration and the commitment to hiring at least one additional employee as turnover increases.

The application period closed on April 17, and payments are scheduled to resume at the end of May.