The Federal Government has distributed a total of N20.11 billion to 402,283 beneficiaries as part of the N50,000 Presidential Conditional Grant Scheme.
This program aims to provide financial support to small business owners across the country, particularly those operating in sectors such as trading, food services, information and communication technology (ICT), transportation, and the creative arts.
Beneficiaries from all 774 local government areas received direct payments into their 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 grant scheme, which falls under the Ministry of Trade and Investment, began on March 9, 2024.
It provides non-repayable financial assistance to eligible small business owners, with a focus on empowering women, youth, people with disabilities, and senior citizens.
The scheme targets specific demographics, with 70 percent of the grants aimed at women and youth, 10 percent at people with disabilities, and 5 percent at senior citizens.
The remaining 15 percent is distributed among other demographics. Out of the 3.6 million applicants, only one million will be selected to receive the conditional grant.
President Bola Tinubu launched the renewed hope conditional cash transfer program on October 17, 2023, targeting 15 million households.
This program is designed to benefit individuals with small businesses who are looking to expand and are willing to formally register their businesses and hire at least one additional employee as their turnover increases.
According to the Ministry’s Frequently Asked Questions and Answers, the disbursements are made based on the order in which applications are verified, rather than any specific criteria.
The aim is to reach approximately 1,290 beneficiaries per local government area across the country, totaling one million recipients. Verification of the National Identification Number (NIN) became mandatory after the initial application phase, which required only the BVN.
The selection process is random and automated, ensuring that there is no human intervention.
Trade Minister Doris Aniete stated that the objective of the grant scheme is to provide financial assistance to an estimated 1,290 beneficiaries per local government area.
However, a list of recipients showed that the number of beneficiaries varied across different local government areas.
For instance, Katsina Local Government Area in Katsina State received the highest allocation with 1,048 beneficiaries, while Omuma Local Government Area had the lowest with 85 recipients.
Other local government areas with high numbers of beneficiaries include Gusau in Zamfara State (977), Omala in Kogi State (921), Shiroro in Niger State (911), Owerri North in Imo State (897), Konshisha in Benue State (890), Calabar South in Cross River State (881), Anka in Zamfara State (876), Balanga in Gombe State (873), and Kaltungo in Gombe State (862). Conversely, local government areas with fewer beneficiaries include Olorunsogo in Oyo State (85), Etsako Central in Edo State (86), Ogu/Bolo in Rivers State (98), Opobo/Nkoro in Rivers State (103), Owan West in Edo State (104), Ovia South-West in Edo State (110), Jere in Borno State (116), Degema in Rivers State (146), Ogun Waterside in Ogun State (159), and Ogo Oluwa in Oyo State (160).
The Minister had previously indicated that the disbursements would be staggered and phased until completion.
Meanwhile, the Ministry has begun examining and sorting applications received from asset managers to establish the Diaspora Fund.
Hundreds of applications have been received and are currently undergoing a vetting process.
Speaking through her aide, Terfa Gyado, the Minister said, “On the Diaspora Fund, the deadline for Expressions of Interest has closed, and applications are currently being vetted. We received applications from all over the world, and the response was overwhelming.”
The specific number of applications will be announced after the sorting process is completed.
The $10 billion Diaspora Fund is a government-enabled, private-sector-led initiative aimed at attracting investment from Nigerians living abroad.
The fund, managed by private sector Fund Managers selected through a competitive bidding process, seeks to encourage remittances, attract investments, and facilitate philanthropic endeavors.
It aims to support various sectors, including agriculture, infrastructure, healthcare, education, and entrepreneurship in Nigeria.
The government extended the deadline for the submission of Expressions of Interest for the fund to May 13, 2024.
This extension was likely due to the high level of interest and the need to accommodate as many applications as possible.
In summary, the Federal Government’s N50,000 Presidential Conditional Grant Scheme and the $10 billion Diaspora Fund are significant initiatives aimed at boosting the Nigerian economy by empowering small business owners and attracting investments from the diaspora.
These programs reflect the government’s commitment to supporting various sectors and promoting economic growth and development across the country.
