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The Ministry of Industry, Trade and Investment, has said it disbursed a total of N20.11 billion to 402,283 recipients of the N50,000 Presidential Conditional Grant Scheme.
The beneficiaries, who were chosen from the 774 local government areas, received direct payments to their bank accounts using their Bank Verification Numbers.
This information was revealed in a document obtained exclusively from the Ministry of Industry, Trade and Investment on Wednesday.
The scheme, which falls under the Ministry of Trade and Investment, began on March 9, 2024, providing N50,000 financial grants without repayment obligations to eligible small business owners in various sectors including trading, food services, ICT, transportation, creatives, and artisans across the 774 local government areas of the country.
Seventy per cent of the beneficiaries were women and youths, while ten per cent were people with disabilities and five per cent were senior citizens.
The remaining fifteen per cent was allocated to other demographics.
It was also stated that only one million out of 3.6 million applicants for the conditional grant would be chosen as recipients.
On October 17, 2023, President Bola Tinubu launched the Renewed Hope conditional cash transfer program for 15 million households.
The program was designed to support small businesses looking to expand by requiring them to formally register their businesses and hire at least one additional person as their turnover grows.
The ministry stated that disbursements are not based on specific criteria, but rather on the order in which applications are verified.
The goal is to reach approximately 1,290 beneficiaries in each local government area, totalling one million nationwide.
Disbursement is contingent on the verification of NIN, which became mandatory after the initial application phase that only required BVN.
The selection process is random and automated for those who have passed their NIN and BVN verification.
Trade Minister Doris Aniete also emphasized the objective of distributing funds to an estimated 1,290 beneficiaries per local government area across the country.
However, a list of recipients revealed unequal distribution of funds across all LGAs.
The list did not include personal details or contacts of the beneficiaries and is current as of May 29, 2024.
The top ten receiving LGAs are Gusau LGA in Zamfara State with 977 recipients, Omala in Kogi State with 921 recipients, Shiroro LGA in Niger State with 911 recipients, Owerri North in Imo State with 897 recipients, Konshisha LGA in Benue State with 890 recipients, Calabar South in Cross Rivers State with 881 recipients, Anka LGA in Zamfara State with 876 recipients, Balanga LGA in Gombe State with 873 recipients, and Kaltungo LGA in Gombe State with 862 recipients.
On the other hand, the lowest 10 receiving LGAs include Olorunsogo LGA in Oyo State with 85 recipients, Etsako Central in Edo State with 86 recipients, Ogu/Bolo in Rivers State with 98 recipients, Opobo/Nkoro in Rivers State with 103 recipients, Owen West in Edo State with 104 recipients, Ovia South-West in Edo State with 110 recipients, Jere in Borno State with 116 recipients, Degema in Rivers State with 146 recipients, Ogun Waterside in Ogun State with 159 recipients, and Ogo Oluwa in Oyo state with 160 recipients.
It should be noted that the disbursement process was planned to be staggered and carried out in phases until completion.
The trade minister confirmed that the ministry is currently reviewing applications from asset managers to establish the diaspora fund.
The minister's aide, Terfa Gyado, stated that the ministry has received hundreds of applications from around the world and they are currently undergoing a vetting process.
The minister stated that the specific figure would be announced after the completion of the sorting process, noting that the response has been overwhelming.
The $10 billion Diaspora Fund is an initiative led by the government and supported by the private sector, aimed at attracting investment from citizens living abroad.
Private sector Fund Managers will be selected through a competitive bidding process to establish the fund, which is intended to encourage remittances, attract investments, and support various sectors such as agriculture, infrastructure, healthcare, education, and entrepreneurship in Nigeria.
The deadline for the submission of an Expression of Interest for the fund has been extended to May 13, 2024.
