Only one million of the 3.6 million applications for the Presidential Conditional Grant Scheme will receive funding, according to a statement released on Thursday by the Federal Government’s Ministry of Industry, Trade, and Investment.
Beginning on March 9, 2024, the program provides qualifying small business owners in the 774 local government areas of the nation with grants of N50,000 without the need for return. These owners operate in a variety of sectors, including trading, food services, ICT, transportation, creative industries, and artisanship.
Its target demographics were seventy percent women and young people, ten percent people with impairments, and five percent older citizens. The remaining fifteen percent went to other groups.
The ministry stated, “Disbursements aren’t based on any specific criteria, but in the order, applications are verified,” in a Friday FAQ that our correspondent created and posted on its website. Reaching an estimated 1,290 people per LGA nationwide—a total of one million—is the aim.
“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 government also stated that there was no intervention in the procedures because the verification was digital and people would not need to be called; if they passed, payments would be made immediately.
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 program is only beneficial to those who have nanobusinesses that they want to grow and who are prepared to officially register their companies and add employees as their turnover rises.
Information from banks and personal accounts, like BVN and NIN, was required.
The payment period will reopen at the end of May, after the application period closed on April 17.
