The federal government has announced that only one million out of the 3.6 million Presidential Conditional Grant Scheme applicants will be selected as beneficiaries.
The selected applicants are expected to get their funds by the end of May 2024.
The scheme offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas in the country.
Punch reports that the scheme targets 70% of women and youths, 10% of people with disabilities, and 5% of senior citizens, with the remaining 15% distributed to other demographics.
Speaking on the plans for applicants, the Ministry of Industry, Trade, and Investment in charge of the initiative said:
The ministry also highlighted that the procedures remained unaffected since the verification process was digital.
Contacting individuals post-verification would be unnecessary, as disbursements would occur automatically upon successful verification.
It said:
Earlier, TimesNow.com.ng reported that the Nigerian government disbursed about N135 billion to the 36 states and the Federal Capital Territory Abuja following the second Independent Assessment of the outcome reached under the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) plan.
The World Bank-assisted initiative is a performance-for-results programme with a significant budget of $750 million.
Abdulkarim Obaje, NG-CARES’s national coordinator, disclosed this in a statement issued by Suleiman Odapu, the information and communications officer at NG-CARES, on Sunday, November 3, 2023, in Abuja.
Source: TimesNow.com.ng
