FG N50,000 Grant Program Update June 2024

The Federal Government has given N20.11bn to 402,283 people under the N50,000 Presidential Conditional Grant Scheme.

How the Grant Works

• Total Amount Given: N20.11bn
• Number of Beneficiaries: 402,283
• Grant Amount per Person: N50,000

The selected people are from all 774 local government areas in Nigeria. They received the money directly in their bank accounts using their Bank Verification Number (BVN).

This information came from the Ministry of Industry, Trade, and Investment.

Who Got the Grant?

The grant is for small business owners in various sectors such as:

• Trading
• Food services
• ICT
• Transportation
• Creative arts
• Artisans

Target Groups

• Women and Youths: 70%
• People with Disabilities: 10%
• Senior Citizens: 5%
• Others: 15%

Selection Process

Only one million out of 3.6 million applicants will get the grant. President Bola Tinubu started this renewed hope conditional cash transfer on October 17, 2023, for 15 million households. The grant is for very small businesses (nano businesses) that want to grow and are willing to register their business and hire at least one more person as they grow.

Verification Process

• Initial Verification: Based on BVN
• Later Verification: Based on NIN (National Identification Number)

The selection is done automatically without human intervention from those who passed the NIN and BVN checks. The aim is to give the grant to about 1,290 people per local government area.

Disbursement Details

The number of recipients in each local government area is not equal. For example, Katsina LGA in Katsina State got the highest number of beneficiaries (1,048), while Omuma LGA got the lowest (85).

Top 10 LGAs Receiving the Most Grants

LGA	State	Number of Beneficiaries
Katsina	Katsina State	1,048
Gusau	Zamfara State	977
Omala	Kogi State	921
Shiroro	Niger State	911
Owerri North	Imo State	897
Konshisha	Benue State	890
Calabar South	Cross Rivers State	881
Anka	Zamfara State	876
Balanga	Gombe State	873
Kaltungo	Gombe State	862

Bottom 10 LGAs Receiving the Least Grants

LGA	State	Number of Beneficiaries
Olorunsogo	Oyo State	85
Etsako Central	Edo State	86
Ogu/Bolo	Rivers State	98
Opobo/Nkoro	Rivers State	103
Owen West	Edo State	104
Ovia South-West	Edo State	110
Jere	Borno State	116
Degema	Rivers State	146
Ogun Waterside	Ogun State	159
Ogo Oluwa	Oyo State	160

The grant disbursement is done in phases until it is completed.

More About the Grant

The trade minister, Doris Aniete, stated that the goal is to help about 1,290 people in each local government area. The list of recipients does not show personal details.

New Developments

The Ministry of Industry, Trade, and Investment is also working on a diaspora fund. Many applications were received from around the world, and they are now being checked.

Speaking Through Her Aide

The minister’s aide, Terfa Gyado, said, “On diaspora Fund, the deadline for Expressions of Interest has closed and applications are currently being vetted. We received applications in hundreds and from all over the world.”

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Benefits of the N50,000 Grant

• Financial Support: Helps small businesses grow without repayment.
• Targeted Assistance: Focuses on women, youths, people with disabilities, and senior citizens.
• Widespread Reach: Covers all 774 local government areas in Nigeria.
• Automatic Selection: Ensures fairness through automatic selection based on verification.
• Encourages Business Registration: Beneficiaries are encouraged to formally register their businesses.
• Promotes Job Creation: Businesses are expected to hire at least one more person as they grow.

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