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

LGAStateNumber of Beneficiaries
KatsinaKatsina State1,048
GusauZamfara State977
OmalaKogi State921
ShiroroNiger State911
Owerri NorthImo State897
KonshishaBenue State890
Calabar SouthCross Rivers State881
AnkaZamfara State876
BalangaGombe State873
KaltungoGombe State862

Bottom 10 LGAs Receiving the Least Grants

LGAStateNumber of Beneficiaries
OlorunsogoOyo State85
Etsako CentralEdo State86
Ogu/BoloRivers State98
Opobo/NkoroRivers State103
Owen WestEdo State104
Ovia South-WestEdo State110
JereBorno State116
DegemaRivers State146
Ogun WatersideOgun State159
Ogo OluwaOyo State160

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.”

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.

This rewritten version uses very simple English and keeps the content easy to understand while maintaining important details and benefits

Author Profile

Amit is the experienced admin of placements.ng, a platform providing job and business information. With 15 years in the field, he's known for accurate, helpful content for job seekers and entrepreneurs, making placements.ng a trusted resource.

Leave a comment