In a significant development for small-scale entrepreneurs, beneficiaries of the Federal Government’s N50,000 grant targeted at nano business owners have commenced receiving credit alerts.
The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, confirmed this over the weekend, stating that over 200,000 small business owners have already received their payments.
Dr. Uzoka-Anite further disclosed that an additional 800,000 beneficiaries are slated to receive their grants before the program’s conclusion on May 31st. The initiative aims to extend support to a total of 1,000,000 Nigerians distributed across the 774 local government areas.
Explaining the selection process, the minister revealed that out of 3.6 million applications received, beneficiaries were chosen randomly from eligible candidates who fulfilled the specified criteria. The disbursement, allocated from a N50 billion budget earmarked for 2024, forms part of the palliative measures introduced by President Bola Ahmed Tinubu following the removal of petrol subsidy.
President Tinubu, in a broadcast on July 31st last year, underscored the administration’s commitment to bolstering micro, small, and medium-sized enterprises (MSMEs), acknowledging their pivotal role as economic drivers. As part of the same broadcast, he announced plans to provide N1 billion single-digit interest loans to 75 manufacturing firms to revitalise their operations.
Responding to inquiries, Dr. Uzoka-Anite highlighted the stringent verification process employed by the Bank of Industry to ensure transparency and accountability in the disbursement process. She emphasized the utilization of National Identification Numbers (NINs), Bank Verification Numbers (BVNs), and bank account details for verification, coupled with physical enumeration to validate beneficiaries’ information.
Acknowledging discrepancies in the disbursement process, the minister clarified that alerts were contingent upon successful NIN verification, which became mandatory post the initial application phase. She assured that beneficiaries would be notified through publications once verification is completed, ruling out the possibility of extending the grant to all 3.6 million applicants due to budgetary constraints.
The minister affirmed that disbursement, conducted in batches to minimize errors, encompasses all states, proceeding on a local government basis and contingent upon verified applications. Regarding transparency, she assured that the list of beneficiaries would be made available for public scrutiny, enabling individuals to verify their status via BVN and last name.
Addressing queries about the scheme’s extension, Dr. Uzoka-Anite clarified that there are currently no plans for another grant, reiterating that any further aid would be subject to the President’s discretion.
In light of the recent removal of petrol subsidy, the Federal Government has rolled out various palliative measures, including grain distribution, cash disbursement to states, and wage awards for federal workers. Additionally, plans to introduce Compressed Natural Gas (CNG)-powered buses are slated for realization before the end of the month.
