The Federal Government has allocated a substantial sum of N20.11 billion to 402,283 beneficiaries as part of the N50,000 Presidential Conditional Grant Scheme. These beneficiaries, carefully chosen from the 774 local government areas, received direct payments to their bank accounts linked to their Bank Verification Number (BVN). This information was revealed in an exclusive document obtained from the Ministry of Industry, Trade, and Investment on Wednesday.

Initiated under the Ministry of Trade and Investment, the scheme, which began on March 9, 2024, extends financial grants of N50,000 to eligible small business owners across diverse sectors such as trading, food services, ICT, transportation, creatives, and artisans nationwide. The aim is to provide support without repayment obligations, particularly targeting 70% women and youths, 10% people with disabilities, 5% senior citizens, and allocating the remaining 15% to other demographics.

Out of 3.6 million applicants, only one million were selected to receive the conditional grant. President Bola Tinubu launched this renewed hope conditional cash transfer to 15 million households on October 17, 2023. The scheme primarily benefits nano businesses looking to expand, requiring formal business registration and the commitment to employ at least one additional person as turnover increases.

According to the Ministry, disbursements follow a verification process, with a target of approximately 1,290 beneficiaries per local government area. The selection process incorporates mandatory verification of the National Identification Number (NIN) alongside BVN. Notably, disbursement is randomized, devoid of human intervention, among those who have successfully passed NIN and BVN verification.

Trade Minister Doris Aniete emphasized the objective to distribute funds equitably across local government areas. Nonetheless, a breakdown of recipients across LGAs showed disparities, with Katsina LGA in Katsina State receiving the highest allocation of 1,048 beneficiaries, while Omuma LGA recorded the lowest with 85 recipients.

The top ten receiving LGAs include Gusau LGA in Zamfara State (977), Omala in Kogi State (921), Shiroro LGA in Niger State (911), and others, while the lowest ten include Olorunsogo LGA in Oyo State (85), Etsako Central in Edo State (86), and others.

The Ministry confirmed the phased disbursement process and ongoing examination of applications from asset managers for the diaspora fund. Hundreds of applications have been received and are currently undergoing vetting, signaling a comprehensive effort to extend support across various sectors and demographics.