Update!! If You Applied For The 50, 000 Presidential Grant, See The Latest Update Regarding The Verification
The Nigerian government has announced that recipients of the #50, 000 grant under the Presidential Conditional Grant Scheme will be chosen randomly and digitally from the pool of applicants. The Ministry of Industry, Trade, and Investment, overseeing the grant, emphasized that the selection process will be entirely digital, with no need for physical interaction, as verification will be done digitally. Disbursements will occur automatically for those who pass the screening.
Out of the 3. 6 million applicants, only 1 million will be selected as beneficiaries. The scheme, which commenced on March 9, 2024, aims to provide financial grants of #50,000 without repayment obligations to eligible small business owners across various sectors such as trading, food services, ICT, transportation, creatives, and artisans in all 774 local government areas of Nigeria.
Targeting 70% of women and youths, 10% of people with disabilities, and 5% of senior citizens, with the remaining 15% distributed to other demographics, the scheme is part of the government’s efforts to support small businesses.
According to the ministry, disbursements are not based on specific criteria but on the order of application verification. The goal is to reach approximately 1,290 beneficiaries per local government area, totaling one million nationwide. Disbursements are contingent on the verification of the National Identification Number (NIN), which became mandatory after the initial application phase and required only the Bank Verification Number (BVN). The selection process is random and does not involve human intervention for those who have passed the NIN and BVN verification.
The ministry also clarified that only one million applicants out of the 3. 6. million will receive the grant, as this is the threshold based on the budget allocated for micro-businesses. Due to the thorough verification process for over three million applications, which is conducted in batches to minimize errors, the payment process is time-consuming.
The application for the grant closed on April 17, and payments are expected to resume at the end of May.
Source
NaijaNews!