FG N50,000 Grant Update May 2024: Latest News

Overview of the N50,000 Grant

The Nigerian government has given N20.11 billion to 402,283 people as part of the N50,000 Presidential Conditional Grant Scheme. This grant helps small business owners grow their businesses.

Who Received the Grant?

The grant went to people from all 774 local government areas in Nigeria. Payments were made directly to the beneficiaries’ bank accounts using their Bank Verification Number (BVN).

Purpose of the Grant

The grant helps small business owners in various sectors, including:

  • Trading
  • Food Services
  • ICT
  • Transportation
  • Creatives
  • Artisans

Target Groups

The grant focused on specific groups:

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

Selection Process

Out of 3.6 million applicants, only one million will receive the grant. The selection is random and based on verification of the National Identification Number (NIN) and BVN.

Key Points from the Ministry

  • Disbursements are made as applications are verified.
  • The aim is to reach 1,290 beneficiaries per local government area (LGA).
  • Verification of NIN became mandatory after the initial application phase.

Distribution of Funds

Different LGAs received different amounts of funds. Here are the top and bottom ten LGAs by number of beneficiaries:

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Top Ten LGAs by Number of Beneficiaries

LGAStateBeneficiaries
KatsinaKatsina1,048
GusauZamfara977
OmalaKogi921
ShiroroNiger911
Owerri NorthImo897
KonshishaBenue890
Calabar SouthCross Rivers881
AnkaZamfara876
BalangaGombe873
KaltungoGombe862

Bottom Ten LGAs by Number of Beneficiaries

LGAStateBeneficiaries
OlorunsogoOyo85
Etsako CentralEdo86
Ogu/BoloRivers98
Opobo/NkoroRivers103
Owen WestEdo104
Ovia South-WestEdo110
JereBorno116
DegemaRivers146
Ogun WatersideOgun159
Ogo OluwaOyo160

Future Plans for the Grant

The minister has confirmed that the disbursement will continue in phases. The ministry is also working on setting up a Diaspora Fund to attract investment from Nigerians living abroad.

Conclusion

The N50,000 grant is a significant effort by the Nigerian government to support small businesses and boost the economy. By targeting various groups and ensuring a fair selection process, the scheme aims to make a positive impact across all local government areas in the country.


Final Thoughts

Both the Open Work Permit in Canada and the N50,000 grant in Nigeria offer opportunities for individuals to improve their lives. Whether you are looking to work in Canada or grow your business in Nigeria, these programs provide valuable support and resources. Be sure to follow the application processes carefully and take advantage of these opportunities to achieve your goals.

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