The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, recently updated the public on President Bola Ahmed Tinubu’s initiative to provide a N50,000 grant to Nano business owners.
In a press release on Sunday May 5, 2024, she stated that over 200,000 small business owners have already received the payment, with an additional 800,000 set to receive theirs before the program ends on May 31.
She explained the initiative aim to reach 1,000,000 Nigerians across all 774 local government areas and was introduced to mitigate the impact of petrol subsidy removal, as announced by President Tinubu last year.
Out of the 3.6 million applications received, beneficiaries were randomly selected based on specified criteria.
Dr. Uzoka-Anite highlighted the availability of a N50 billion budget for disbursement in the 2024 budget.
Regarding the program’s progress, Dr. Uzoka-Anite explained that the application portal closed due to an overwhelming number of applications.
The Bank of Industry is overseeing the disbursement process to ensure transparency and accountability by verifying NIN, BVN, and bank account details to prevent duplication.
Physical enumeration and verification, including taking photographs of beneficiaries, will also be conducted.
The disbursement timeframe is set for the end of May 2024, with beneficiaries selected randomly.
“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 minimize errors.”
The minister addressed concerns about some beneficiaries not receiving alerts, attributing it to the verification process, which now includes NIN alongside BVN.
She emphasized that the selection process is without human intervention for those who have passed verification.
While acknowledging the vast number of applicants, Dr. Uzoka-Anite clarified that not all 3.6 million applicants will receive grants, as the goal is to reach one million beneficiaries within the allocated budget.
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.”
Disbursement is conducted in batches to minimize errors, progressing through each state and local government based on verified applications.
For transparency, the list of beneficiaries will be accessible for individuals to check their status using their BVN and last name.
Regarding the possibility of extending the scheme, the minister stated that there are currently no plans for another grant, with any decision on further assistance to be made by the president.
In response to petrol subsidy removal, various forms of palliatives have been implemented, including distributing grains, cash disbursements, and wage awards to federal and state employees.
Additionally, the Federal Government announced the completion of Compressed Natural Gas (CNG)-powered buses before the end of the current month.
