Npower News: ₦50,000 Federal Government Grant To Be Disbursed To Only 1,000,000 Out Of 3,600,000 Applicants

According to Npower News, the Federal Government, through the Ministry of Industry, Trade and Investment, said the  ₦50,000 federal government grant will be disbursed to only 1,000,000 out of 3,600,000 applicants.

The federal government grant, which commenced March 9, 2024, offers financial grants of ₦50,000 without repayment obligations to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans in the 774 local government areas of the Federation.

It targeted 70% of women and youths, 10% of people with disabilities, and 5% of senior citizens, with the remaining 15% distributed to other demographics.

The ministry for industry, trade and investment in a frequently asked questions and answers on its website said, “Disbursements aren’t based on any specific criteria, but in the order, applications are verified. The goal is to reach an estimated 1,290 beneficiaries per LGA across the country, totalling one million.

“Disbursement is also subject to verification of NIN, which became mandatory after the initial application phase and required only BVN. The selection is random, without human intervention, from those who have passed their NIN and BVN verification.”

Furthermore the ministry for industry, trade and investment also noted that there was not any interference in the disbursement processes because the NIN verification process was a digital one so individuals would not need to be contacted after verification, but the federal government grant disbursements will happen automatically if they passed the NIN verification process.

If everyone who applied will get the federal government grant, the ministry for industry, trade and investment said, “No, of over 3.6 million applicants, only one million will receive the grant. This is the threshold based on the amount budgeted for nano businesses. The verification process for over three million applications has been thorough and therefore time-consuming, conducted in batches to minimize errors.”

According to Npower News, the federal government grant only benefits individuals with nano businesses who wish to expand and be willing to formally register their businesses and employ at least one additional person as their turnover and sales volume increases.

The requirements for the federal government grant includes personal and banking information such as BVN and NIN.

The application for the federal government grant has closed since April 17, and the disbursement of the federal government grant is ongoing and will continue up till the end of May.

Source: https://punchng.com/only-1m-of-3-6m-applicants-will-get-n50000-grant-fg/?fbclid=