The Federal Government has successfully disbursed a total sum of N20.11 billion to 402,283 beneficiaries as part of the N50,000 Presidential Conditional Grant Scheme. This initiative, spearheaded by President Bola Tinubu, aims to bolster small businesses across the nation, providing financial assistance without repayment obligations.
Beneficiaries, selected from all 774 local government areas, received direct payments to their bank accounts via their Bank Verification Number (BVN). The disbursement, which commenced on March 9, 2024, targeted small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans.
The scheme prioritized inclusivity, allocating 70 per cent of the grants to women and youths, with 10 per cent reserved for people with disabilities and 5 per cent for senior citizens. The remaining 15 per cent was distributed among other demographics, ensuring broad coverage across the population.
Selection for the grant was based on a rigorous verification process, with only one million out of 3.6 million applicants ultimately chosen as recipients. The disbursement process prioritized applicants who had completed their National Identification Number (NIN) verification, a mandatory requirement introduced after the initial application phase.
Doris Aniete, the Minister of Trade and Investment, emphasized the government’s commitment to fair distribution, aiming to reach an estimated 1,290 beneficiaries per local government area nationwide. However, the distribution was not uniform, with disparities observed across different LGAs.
A breakdown of the beneficiaries revealed that Katsina LGA in Katsina State received the highest allocation, with 1,048 beneficiaries, while Omuma LGA had the lowest with 85 recipients. Other top receiving LGAs included Gusau LGA in Zamfara State, Omala in Kogi State, Shiroro LGA in Niger State, and Owerri North in Imo State.
Conversely, the lowest ten receiving LGAs comprised areas such as Olorunsogo LGA in Oyo State, Etsako Central in Edo State, and Opobo/Nkoro in Rivers State. The distribution across these LGAs highlights the government’s efforts to ensure equitable access to financial assistance.
Furthermore, the Ministry of Trade and Investment has initiated the examination and sorting of applications received from asset managers to establish the diaspora fund. Hundreds of applications from around the world are currently undergoing a vetting process, indicating significant interest and participation in government initiatives aimed at economic empowerment.
As the disbursement continues in phases, the government remains committed to supporting small businesses and fostering economic growth across Nigeria.
The list containing the number of recipients and allocations to each LGA, obtained from the Ministry of Industry, Trade and Investment, serves as a testament to the government’s transparency and accountability in implementing social intervention programs aimed at poverty alleviation and economic development.
