The Federal Government, through the Ministry of Industry, Trade and Investment revealed on Thursday that only one million out of 3.6 million applicants for the Presidential Conditional Grant Scheme will be selected as beneficiaries.
Initiated on March 9, 2024, the scheme offers N50,000 financial grants without repayment obligations to eligible small business owners across various sectors in the 774 local government areas nationwide.
Targeting specific demographics, the scheme aims to allocate 70 per cent to women and youths, 10 per cent to people with disabilities, five per cent to senior citizens, and the remaining 15 per cent to other demographics.
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The ministry clarified that disbursements are based on the order of application verification, with the goal of reaching approximately 1,290 beneficiaries per LGA, totaling one million beneficiaries nationwide.
Emphasizing a digital verification process, the ministry assured that there was no interference, and disbursements would occur automatically for those who passed verification.
However, not all applicants will receive the grant, as only one million applicants meet the threshold based on the budgeted amount for nano businesses. The verification process for over three million applications has been thorough and conducted in batches to minimize errors.
The scheme is designed for nano businesses seeking expansion, with requirements including personal and banking information like BVN and NIN. The application closed on April 17, with payments set to commence at the end of May.
