FG Clarifies N50,000 Presidential Grant Plan
“Only 1m out of 3.6m applicants will be beneficiaries...”
The Federal Government, through the Ministry of Industry, Trade, and Investment, has stated that only one million of the 3.6 million who applied for the Presidential Conditional Grant Scheme will be eligible.
This plan, which commenced on March 9, 2024, provides cash awards of N50,000 without payback constraints to qualifying small business owners operating in sectors including as ICT, transportation, creatives, trading, food services, and craftsmen throughout the country's 774 local government areas.
It targeted 70% women and youth, 10% individuals with disabilities, and 5% senior folks, with the remaining 15% divided among various populations.
The ministry, Doris Uzoka-Anite stated on Friday, May 3, that: “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.”
Meanwhile, the ministry stated that there was no intervention in the processes because the verification was digital, so individuals would not need to be contacted after verification, and disbursements would occur automatically if they passed.
Whether everyone who applied will receive the award, 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 initiative only advantages those with nano enterprises who want to expand and are willing to properly register their businesses and recruit at least one more person when their turnover grows.
It required personal and banking information, such as BVN and NIN.
The application has been closed since April 17, and the payment will commence again at the end of May.
No comments:
Leave comment here