The federal government has given an update on its N50,000 Presidential Conditional Grant Scheme.

 

Explaining how beneficiaries will be selected, FG said those to benefit will be randomly and digitally selected from the list of applicants.

 

 

The Ministry of Industry, Trade and Investment, through which the government is implementing the grant, added that there won’t be any physical 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 the screening.

 

 

The Ministry also stated that only 1 million out of the 3.6 million applicants for the grant would be picked as beneficiaries.

 

 

The scheme, which started March 9, 2024, offers financial grants of N50,000 without repayment obligations to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans in the 774 local government areas of the country.

 

 

It targeted 70 per cent of women and youths, 10 per cent of people with disabilities, and five per cent of senior citizens, with the remaining 15 per cent distributed to other demographics.

 

 

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

 

 

On the number of persons who will get the grant, the ministry stated, “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 application for the grant has closed since April 17, and the payment will begin again at the end of May.

 

Credit : Naija News reports.