The federal government has disbursed a total of N20.11 billion to 402,283 beneficiaries of the N50,000 Presidential Grant Scheme.
This initiative aims to support small business owners across Nigeria’s 774 local government areas.
The beneficiaries received direct payments into their bank accounts via their Bank Verification Numbers (BVN).
This information was disclosed in a document obtained from the Ministry of Industry, Trade, and Investment.
Launched on March 9, 2024, under the Ministry of Trade and Investment, the scheme offers non-repayable grants of N50,000 to eligible small business owners in various sectors, including trading, food services, ICT, transportation, the creative industry, and artisanal work. It targets 70% women and youth, 10% people with disabilities, 5% senior citizens, and 15% other demographics.
Despite receiving 3.6 million applications, only one million will be selected for the grant. The selection process is randomised and based on verified BVN and National Identification Numbers (NIN), ensuring transparency and fairness.
President Bola Tinubu inaugurated the renewed hope conditional cash transfer on October 17, 2023, aimed at supporting 15 million households.
The N50,000 grants are specifically for nano businesses looking to expand and formalise, with an expectation of hiring additional staff as their turnover increases.
Trade Minister Doris Aniete emphasised the scheme’s objective to distribute funds to approximately 1,290 beneficiaries per local government area.
A breakdown of the allocations revealed that Katsina LGA in Katsina State received the highest allocation with 1,048 beneficiaries, while Olorunsogo LGA in Oyo State had the lowest with 85 recipients.
Top receiving LGAs included Gusau in Zamfara State (977), Omala in Kogi State (921), Shiroro in Niger State (911), and several others.
Conversely, LGAs with the fewest beneficiaries included Etsako Central in Edo State (86), Ogu/Bolo in Rivers State (98), and Opobo/Nkoro in Rivers State (103).
Additionally, Aniete confirmed that the ministry has begun vetting applications for the establishment of the $10 billion Diaspora Fund. This initiative aims to attract investment from Nigerians abroad to support sectors such as agriculture, infrastructure, healthcare, education, and entrepreneurship.
Speaking through her aide, Terfa Gyado, the minister noted the overwhelming response to the call for Expressions of Interest, with hundreds of applications currently under review.
The Diaspora Fund, a government-enabled, private-sector-led initiative, is designed to encourage remittances and investments from the Nigerian diaspora, facilitating various developmental projects across the country.
The government had extended the submission deadline for the fund’s Expression of Interest to May 13, 2024, to accommodate more applications from prospective fund managers.
