FG begins disbursement of N50bn grant to small business owners

The Federal Government, FG, says it has started disbursement of N50,000 grants to nano business entrepreneurs.

Dr Doris Uzoka-Anite, Minister for Industry, Trade, and Investment, verified this over the weekend, stating that no fewer than 200,000 small business owners have received the payment.

According to her, 800,000 others will receive their incentives before the program ends on May 31.

This will raise the total number of beneficiaries to 1,000,000 Nigerians, split across 774 local government areas.

She explained that about 3.6 million applications were received out of which the beneficiaries were selected randomly from among those who met the conditions.

The minister said N50 billion is available in the 2024 budget for disbursement.

The programme is one of the palliative measures announced by President Bola Ahmed Tinubu in a broadcast on July 31, last year to cushion the pains of petrol subsidy removal.

The President, in the broadcast, said: “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector.”

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In the broadcast, the President also announced that 75 manufacturing firms will be given N1 billion single-digit interest loans each to reflate their businesses.

Dr. Uzoka-Anite, in response to enquiries by our reporter, said: “The application portal was closed at midnight on April 17. The portal had to be closed due to an overwhelming number of applications totalling over 3.6 million.

“The Bank of Industry is ensuring transparency and accountability in the N50 billion disbursement using NIN, BVN and bank account details for verification to prevent duplication.

“They will also perform physical enumeration to re-verify information, including taking photographs of beneficiaries.

“The time frame for disbursement is the end of May 2024. The requirement for determining the beneficiaries is not based on particular criteria. The goal is to reach 1,290 beneficiaries per local government area across the country totalling one million people.”

On why many of the beneficiaries have not been reached, she explained: “We acknowledge that some of the beneficiaries are getting alert while others are not.

“The disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN.

“The selection is random and without human intervention from those who have passed their NIN and BVN verification.

FG begins disbursement of N50bn grant to small business owners

Atiku alleges conflict of interest in Lagos-Calabar coastal highway contract

Former Vice-President Atiku Abubakar, has accused President Bola Tinubu of giving priority attention to his personal business and those of his family members over national interest in the award of over $13bn Lagos-Calabar Coastal Highway to Hitech Construction Company Ltd.

Indeed, he alleged many issues were deliberately bypassed by the Tinubu regime to give the project to Hitech, the parent company of CDK Integrated Industries, where Seyi Tinubu, the President’s son, is a director.

Atiku Abubakar, presidential candidate of the Peoples Democratic Party in the 2023 election, gave the comments on the project in a statement issued by Paul Ibe, his media aide, on Sunday.

Already, the Federal Government has commenced the construction of the 700km Lagos-Calabar coastal road, which is expected to run through the shoreline of beach resorts in Lagos while traversing eight other states.

The project has generated controversy about funding the businesses that would be affected by the construction and the timing of its implementation.

In his latest criticism of the project, Atiku said Seyi, the son of President Bola Tinubu, is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which is also the parent company of Hitech Construction Company Ltd.

The former vice-president cited a recent report by the Paris-based Africa Intelligence News Agency that Seyi is a formalised business partner with the owners of Hitech Construction Company Ltd.

Seyi is listed as a director on the website of CDK Integrated Industries.

CDK Integrated Industries manufactures ceramic tiles and sanitary towels and is one of several subsidiary companies under the Chagoury Group, including Hitech Construction Company Ltd.

He claimed the coastal highway project was “rushed and without a competitive bidding”.

He said, “Thanks to quality reporting by Africa Intelligence, our suspicions have been confirmed that Chagoury and Tinubu are indeed business partners and it has been formalized with Seyi on the board of one of Chagoury’s firms,” the statement reads.

“The awarding of the Lagos-Calabar coastal highway was rushed; the environmental impact assessment report was not even completed; the right of way for the 700km stretch of the highway project was not secured; it was converted from a PPP to a government-funded project within the twinkle of an eye.

“The N500m that was approved by the National Assembly for the project was ignored, while over N1tn was released by Tinubu’s administration without approval from the National Assembly.

“To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding.”

Shettima on Sunday evening left Abuja for Dallas in Texas, the United States, for the 2024 US-Africa Business Summit.

Presidency silent over Tinubu’s whereabouts after official trips abroad