FG Disburses N20bn to Over 400,000 Beneficiaries in N50,000 Grant Scheme

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The Federal Government has disbursed N20.11 billion to 402,283 beneficiaries of the N50,000 Presidential Conditional Grant Scheme. The funds were directly deposited into beneficiaries’ bank accounts using their Bank Verification Numbers (BVN).

This information was disclosed in a document obtained from the Ministry of Industry, Trade and Investment. The scheme, which began on March 9, 2024, under the Ministry of Trade and Investment, provides non-repayable financial grants to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creatives, and artisans across the 774 local government areas.

The grant scheme targets specific demographics: 70% women and youths, 10% people with disabilities, and 5% senior citizens, with the remaining 15% for other groups. Of the 3.6 million applicants, only one million will be selected to receive the grant.

President Bola Tinubu launched the “Renewed Hope Conditional Cash Transfer” on October 17, 2023, aiming to benefit nano business owners willing to formally register their businesses and hire at least one additional person as their turnover increases.

According to the Ministry, disbursements are based on the order of verified applications, with an aim to reach approximately 1,290 beneficiaries per local government area, totaling one million beneficiaries. Verification of the National Identification Number (NIN) is mandatory following the initial BVN-based application phase.

Trade Minister Doris Aniete confirmed the goal of distributing funds to around 1,290 beneficiaries per LGA. However, a document breakdown revealed disparities in allocations, with Katsina LGA receiving the highest allocation (1,048 beneficiaries) and Omuma LGA receiving the lowest (85 beneficiaries).

Top receiving LGAs included Gusau in Zamfara State (977), Omala in Kogi State (921), and Shiroro in Niger State (911). The lowest included Olorunsogo in Oyo State (85), Etsako Central in Edo State (86), and Ogu/Bolo in Rivers State (98).

The trade minister also noted the staggered and phased nature of the disbursements. Additionally, the ministry is vetting applications for the establishment of a diaspora fund, having received hundreds of submissions worldwide.

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