The Federal Government has disbursed a total of N20.11 billion to 402,283 beneficiaries under the N50,000 Presidential Conditional Grant Scheme. These beneficiaries, selected from all 774 local government areas, received direct payments into their bank accounts through their Bank Verification Numbers (BVNs). This information was revealed in a document exclusively obtained from the Ministry of Industry, Trade, and Investment.
The grant scheme, managed by the Ministry of Trade and Investment, began on March 9, 2024. It provides financial grants of N50,000, with no repayment requirements, to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisanship across the country.
The program prioritizes 70% of women and youths, 10% of people with disabilities, and 5% of senior citizens, with the remaining 15% allocated to other demographics. Out of 3.6 million applicants, only one million will be selected as recipients.
President Bola Tinubu launched the renewed hope conditional cash transfer on October 17, 2023, aimed at benefiting 15 million households. The grant targets nano businesses looking to expand, provided they register their businesses formally and hire at least one additional person as their turnover grows.
According to the Ministry’s FAQs, disbursements are made in the order of application verification, aiming to reach an estimated 1,290 beneficiaries per local government area, totaling one million recipients. The disbursement process requires verification of the National Identification Number (NIN), which became mandatory after the initial application phase that only required BVN. Selection is random and automated, based on successful NIN and BVN verification.
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Trade Minister Doris Aniete highlighted that the goal is to distribute funds to about 1,290 beneficiaries per local government area. However, the distribution list showed variability, with Katsina LGA in Katsina State receiving the highest allocation of 1,048 beneficiaries, while Omuma LGA had the lowest with 85 recipients.
Top receiving LGAs included Gusau LGA in Zamfara State (977 beneficiaries), Omala in Kogi State (921), Shiroro LGA in Niger State (911), Owerri North in Imo State (897), Konshisha LGA in Benue State (890), Calabar South in Cross Rivers State (881), Anka LGA in Zamfara State (876), Balanga LGA in Gombe State (873), and Kaltungo LGA in Gombe State (862). The lowest receiving LGAs were Olorunsogo LGA 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 disbursements would be phased until completion.
In related developments, the Ministry has begun sorting applications for the establishment of a $10 billion Diaspora Fund, aimed at attracting investment from Nigerians living abroad. The fund will be managed by private sector fund managers selected through a competitive process. This initiative seeks to boost remittances, attract investments, and support sectors like agriculture, infrastructure, healthcare, education, and entrepreneurship in Nigeria.
The Trade Minister, through her aide Terfa Gyado, confirmed that hundreds of applications have been received and are currently being vetted. The specific number of applications will be announced post-sorting, which has seen an overwhelming response from around the world. The deadline for submitting Expressions of Interest for the Diaspora Fund was extended to May 13, 2024.
