Beneficiaries of the Federal Government’s N50,000 grant for nano business owners have started receiving credit alerts.
Minister for Industry, Trade and Investment Dr Doris Uzoka-Anite, who confirmed this at the weekend, said no fewer than 200,000 small business owners have received the payment.
According to her, 800,000 others will get their grants before the close of the programme by May 31.
This will bring the total number of beneficiaries to the targeted 1,000,000 Nigerians spread across the 774 local government areas.
She explained that about 3.6 million applications were received out of which the beneficiaries were selected randomly from among those who met the conditions.
The minister said N50 billion is available in the 2024 budget for disbursement.
The programme is one of the palliative measures announced by President Bola Ahmed Tinubu in a broadcast on July 31, last year to cushion the pains of petrol subsidy removal.
The President, in the broadcast, said: “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector.”
In the broadcast, the President also announced that 75 manufacturing firms will be given N1 billion single-digit interest loans each to reflate their businesses.
Dr. Uzoka-Anite, in response to enquiries by our reporter, said: “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 using NIN, BVN and bank account details for verification 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.