As the Presidential Conditional Grant Scheme continues to make headlines, many individuals and businesses are eager to understand the intricacies of this initiative.
Here’s a comprehensive guide to answer the most pressing questions regarding the N50 billion grant from the Bank of Industry (BOI).
1. Eligibility Criteria for Businesses
- To qualify for the N50 billion grant, businesses must be nano businesses seeking expansion.
- Eligible businesses are required to formally register their businesses and commit to hiring at least one additional person as their turnover increases.
- Personal and banking information such as BVN and NIN are essential requirements for application.
2. Closure of Application Portal
- Yes, the application portal for the grants closed at midnight on April 17th, 2024.
- The closure was prompted by an overwhelming number of applications, surpassing 3.6 million.
3. Transparency and Accountability in Disbursement Process
- The BOI ensures transparency and accountability by using NIN, BVN, and bank account details for beneficiary verification.
- Physical enumeration is conducted to re-verify information, including taking live photos of beneficiaries.
4. Disbursement Time Frame
- Disbursement of the N50 billion grant is currently in progress and processed in batches.
- It is expected to be completed by the end of May 2024.
5. Criteria for Disbursement Order
- Disbursements are processed based on the order of application verification.
- The goal is to reach an estimated 1 million beneficiaries, approximately 1290 beneficiaries per Local Government Area (LGA) across the country.
6. Verification Process
- Verification is a digital process, and individuals who pass verification will receive automatic disbursements.
- Disbursement is subject to verification of both NIN and BVN.
7. Selection Process
- Disbursement selection is random and automated, without human intervention.
- Applicants who have passed both NIN and BVN verification are eligible for disbursement.
8. Publication of Beneficiary List
- The list of beneficiaries will be published at the end of the process.
- Individuals can check their status using their BVN and last name.
9. Future Grants
- There are currently no plans for another grant, and any further aid will depend on the President’s discretion.
10. Updates to Application Details
- Details captured during the application are final and cannot be changed.
- However, changes in personal details will not affect payment as long as the bank account remains valid and matches the BVN and NIN.
With these key insights, individuals and businesses can navigate the intricacies of the Presidential Conditional Grant Scheme with clarity and confidence. Stay informed to make the most out of this transformative opportunity.
