The Minister for Industry, Trade, and Investment, Dr Doris Uzoka-Anite, has given an update on the ongoing initiative by President Bola Ahmed Tinubu‘s administration to credit nano business owners with a ₦50,000 grant.
In a press release issued over the weekend, Uzoka-Anite noted that the scheme’s beneficiaries have begun to receive alerts from the Federal Government.
According to the Minister, more than 200,000 small business owners have already received the payment. She further mentioned that an additional 800,000 individuals would receive their grants before the program concludes on May 31.
As a result, the total number of beneficiaries will reach the intended target of 1,000,000 Nigerians across all 774 local government areas. The minister explained that out of the 3.6 million applications received, the beneficiaries were selected randomly from those who met the specified criteria.
She also highlighted that there is a budget of ₦50 billion available for disbursement in the 2024 budget.
Recall that this initiative was introduced as one of the palliative measures announced by President Tinubu in a broadcast on July 31 last year, aiming to alleviate the impact of petrol subsidy removal.
Speaking on the program’s progress so far during a chat with The Nation, Dr Uzoka-Anite disclosed that “The application portal was closed at midnight on April 17. The portal had to be closed due to an overwhelming number of applications totalling over 3.6 million.
“The Bank of Industry is ensuring transparency and accountability in the N50 billion disbursement by verifying NIN, BVN, and bank account details to prevent duplication.
“They will also perform physical enumeration to re-verify information, including taking photographs of beneficiaries.
“The time frame for disbursement is the end of May 2024. The requirement for determining the beneficiaries is not based on particular criteria. The goal is to reach 1,290 beneficiaries per local government area across the country, totalling one million people.”
On why many of the beneficiaries have not been reached, she explained: “We acknowledge that some of the beneficiaries are getting alert while others are not.
“The disbursement is subject to verification of NIN, which became mandatory after the initial application phase, which required only BVN.
“The selection is random and without human intervention from those who have passed their NIN and BVN verification.
“Applicants will learn if they are verified through publications. Verification is a digital process.
“Individuals will not need to be contacted after verification but the disbursement will happen automatically if they are passed.”
The Minister, however, ruled out the possibility of giving the grant to all the 3.6 million applicants.
She said; “It is not all the 3.6 million applicants that will receive alerts. The goal is to ensure one million of them get the N50,000 grants.
“N50 billion is the threshold of the amount budgeted for nano businesses in 2024. We cannot verify and pay everyone at the same time.
“The process has been thorough and time-consuming, conducted in batches to minimise errors.”
The minister stated that the grants have been distributed across all states, progressing through each local government one by one, and the disbursement is carried out based on verified applications – state by state, local government by local government.
Regarding the publication of the list of beneficiaries for transparency purposes, she confirmed that the list will be accessible, allowing individuals to check their status using their BVN and last name.
When asked about extending the scheme to accommodate more beneficiaries, the minister mentioned that there are currently no plans for another grant. The president will make any decision on further assistance.
Bellnews understands that in response to the removal of the petrol subsidy, the Federal Government has implemented various forms of palliatives, such as distributing grains to Nigerians through governors and federal lawmakers.
Additionally, cash disbursements have been provided, with each state receiving N2 billion to support vulnerable citizens.
Federal employees have also received N35,000 in wage awards, which will be available for six months. Several states have similarly offered wage awards to their workers, along with other forms of assistance.
Last month, the Federal Government announced that the introduction of Compressed Natural Gas (CNG)-powered buses would be completed before the end of the current month.