Only 1,000,000 Applicants Will Get The Federal Government Grant

The Federal Government of Nigeria through the Ministry of Industry, Trade and Investment, said that only 1,000,000 out of 3,600,000 applicants will be beneficiaries of the federal government grant.

The federal government grant, which started March 9, 2024, offers financial grants of ₦50,000 without repayment to eligible nano micro small and medium enterprises operating in various sectors such as trading, food services, Information and Communications Technology, transportation, creatives, and artisans in the seven hundred and seventy four local government areas in Nigeria.

The federal government grant targeted 70% of women and youths, 10% of people with disabilities, and 5% of senior citizens, with the remaining 15% apportioned to other demographics.

The Ministry of Industry, Trade and Investment, in a Frequently Asked Questions and Answers 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.”

Meanwhile,  the Ministry of Industry, Trade and Investment also noted that there was not any interference in the processes because the verification was a digital one so individuals that applied for the federal government grant would not need to be contacted after verification, but the federal government grant disbursements will happen automatically if applicants passed.

Whether everyone who applied for the federal government grant will get the federal government grant, the Ministry of Industry, Trade and Investment stated, “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.”

The federal government grant only benefits people with nano businesses seeking to expand and be willing to formally register their businesses and hire at least one additional person as their turnover increases.

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

The application for the federal government grant has closed since April 17, although some other federal government grant initiatives are still ongoing like the fgn alat etc. Disbursement of the federal government grant is ongoing until 1,000,000 beneficiaries have received their federal government grant.

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