Uzoka-Anite Addresses Questions About Presidential Grant Scheme
Taiwo Ayandeyi
You have spoken and we have listened. Due to numerous inquiries about the Presidential Grant Scheme, we've compiled a list of FAQs to clarify common concerns.
Many have already received their grants—thank you for your patience! For those waiting, please hold tight.
The disbursement process is ongoing in batches and NOT yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now.
For those who missed out on the nanobusiness grant, you may be eligible for a single digit interest loan. Applications are still ongoing at fedgrantandloan.gov.ng
The FAQ below will address most of the other issues and concerns that have been raised.
#PresidentialConditionalGrantScheme
Hon (Dr) Doris Nkiruka Uzoka-Anite MD,CFA
FEDERAL MINISTRY OF INDUSTRY, TRADE & INVESTMENT
Presidential Conditional Grant Scheme Q & A
1. What was the eligibility criteria for businesses to qualify for the N50 billion grant from the Bank of Industry?
Answer: Eligible businesses are nano businesses seeking to expand. They have to be willing to formally register their businesses and hire at least one additional person as their turnover increased. Requirements included personal and banking information such as BVN and NIN.
2. Has application for the grants closed? Answer: Yes the application portal was closed at midnight on April 17th 2024.
3. Why was the application portal closed for grants?
Answer: The portal was closed due to an overwhelming number of applications, totaling over 3.6 million.
4. How will the BOI ensure transparency and accountability in the disbursement process of the N50 Billion grant?
Answer: The BOI uses NIN, BVN, and bank account details for beneficiary verification to prevent duplication. They also perform physical enumeration to re-verify information, including taking live photos of beneficiaries.
5. What is the time frame for the disbursement of the N50 billion grant?
Answer: The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024.
6. Are there specific criteria or priorities for determining the order of disbursement to businesses?
Answer: Disbursements aren't based on any specific criteria but in the order applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.
7. Why are some people getting their alerts but not me, even though I applied earlier?
Answer: Disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN. The selection is random, without human intervention, from those who have passed both their NIN and BVN verification.
8. How do I know if I have been verified?
Answer: Verification is a digital process. Individuals will not need to be contacted after verification, but disbursements will happen automatically if they passed.
9. Will everyone who applied receive the grant?
Answer: No, of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses.
10. Why can't you verify and pay everyone at the same time?
Answer: The verification process for over 3 million applications has been thorough and therefore time-consuming, conducted in batches to minimize errors.
