The Federal Government has announced that the beneficiaries of Presidential Conditional Grant Scheme will receive their funds by the end of May 2024. According to The Presidency, only one million out of the 3.6 million applicants will be selected as beneficiaries.
The scheme is designed to provide a grant of N50,000 each to support one million small businesses in all the 774 local government areas across the country.
Report by Legit.ng says the Presidential Conditional Grant Scheme targets 70% of women and youths, 10% of people with disabilities, and 5% of senior citizens, with the remaining 15% distributed to other demographics.
The Ministry of Industry, Trade, and Investment in charge of the initiative, in a statement said:
"The 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, totaling 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 assured that the procedures were not manipulated as the verification process was done digitally, and there wouldn’t be any need to contact individuals after verification as disbursements would occur automatically upon successful verification.
The ministry clarified that not all applicants will receive the grant. Out of 3.6 million applicants, only one million will be granted. This allocation aligns with the budget allocated for nano businesses.
"The verification process for the over three million applications has been meticulous and consequently time-consuming. It has been carried out in batches to reduce errors.
"This scheme is tailored for individuals with nano businesses aiming to grow. To qualify, they must be committed to formalizing their businesses and hiring at least one additional person as their turnover increases."