The Federal Government has handed out a total of ₦20.11 billion through the Presidential Conditional Grant Scheme, giving ₦50,000 each to 402,283 recipients.
This was made known by Doris Nkiruka Uzoka-Anite, Minister of Industry, Trade and Investment,
She said the scheme domiciled under the Ministry of Trade and Investment commenced on March 9, 2024, with 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 country.
The beneficiaries selected from the 774 local government areas received a direct payment to their bank accounts via their Bank Verification Number.
“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.
It targeted 70 per cent of women and youths, 10 per cent of people with disabilities, and 5 per cent of senior citizens, with the remaining 15 per cent distributed to other demographics.
It also said only one million out of the 3.6 million applicants for the conditional grant will be selected as recipients.
President Bola Tinubu, on October 17, 2023, launched the renewed hope conditional cash transfer to 15 million households.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.