402,283 Nigerians in 774 LGs get FG’s N50,000 grant

402,283 Nigerians in 774 LGs get FG’s N50,000 grant

The Federal Government has disbursed a total sum of N20.11bn to 402,283 beneficiaries of the N50,000 Presidential Conditional Grant Scheme.

The beneficiaries selected from the 774 local government areas received a direct payment to their bank accounts via their Bank Verification Number.

This information was disclosed in a document exclusively obtained from the Ministry of Industry, Trade and Investment by our correspondent on Wednesday.

The scheme domiciled under the Ministry of Trade and Investment commenced on March 9, 2024, with 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 5 per cent of senior citizens, with the remaining 15 per cent distributed to other demographics.

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It also said only one million out of the 3.6 million applicants for the conditional grant will be selected as recipients.

President Bola Tinubu, on October 17, 2023, launched the renewed hope conditional cash transfer to 15 million households.

The scheme was only to benefit people with nano businesses seeking to expand and be willing to formally register their businesses and hire at least one additional person as their turnover increases.

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

The trade minister, Doris Aniete, also stated that the objective is to distribute funds to an estimated 1,290 beneficiaries per local government area across the country.

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However, a list containing the number of recipients showed that individuals in all LGAs received the funds but not in equal numbers.

The list didn’t contain personal details and contacts of individuals who benefitted from the programme and is as of May 29, 2024.

When asked to confirm the specific figure, the minister said it would be announced after the sorting process, she said, “They are still sorting but it was an overwhelming response.”

The $10 billion Diaspora Fund is a government-enabled, private-sector-led initiative of the ministry to attract investment from citizens living abroad.

The fund, which would be established by private sector Fund Managers selected through a competitive bidding process, is a way of encouraging remittances, attracting investments, and facilitating philanthropic endeavours aimed at supporting various sectors such as agriculture, infrastructure, healthcare, education, and entrepreneurship in Nigeria.

The government had extended the date for the submission of an Expression of Interest for the fund to May 13, 2024.

402,283 Nigerians in 774 LGs get FG’s N50,000 grant