Out of 3.6 million applicants, only 1 million will receive an N50,000 Grant in these local governments

Out of 3.6 million applicants, only 1 million will receive an N50,000 Grant in these local government –

FG 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 proprietors work in a range of areas, including as artisanship, trading, ICT, food services, transportation, and the creative industries.

Its target demographics were seventy percent women and young people, ten percent people with impairments, and five percent senior 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. “NIN verification, which was previously only necessary for the initial application phase but is now required for payment, is another condition of disbursement.

Those who have completed their BVN and NIN verification are chosen at random, devoid of human involvement.

The government added that since the verification was digital and people wouldn’t need to be contacted after it, there was no interference with the procedures, but disbursements would happen automatically if they passed.

The ministry responded when asked if all applicants will receive the grant, saying that just one million out of the more than 3.6 million will. This is the cutoff point determined by the amount allocated to nanobusinesses.