60 percent of candidates under the Presidential Conditional payment Scheme (PCGS) received the N50,000 payment.
The Minister of Commerce and Industry, Ms Doris Uzoka-Anite, acknowledged this in a post on her official X account on Thursday.
According to Ms. Uzoka-Anite, only one million of the approximately 4 million Nigerians who sought for the grant could be accommodated.
He indicated that computer-generated random numbers are used to select beneficiaries. This, the minister explained, will help ensure that “everyone has the same options.”
The disbursement process is still in progress, and we have distributed approximately 60% of the 1 million grants earmarked for allocation. To track the number of beneficiaries per Local Government Area who have been paid thus far,
It is important to highlight that nearly 4 million Nigerians applied for the palliative grant of $50,000, but only 1 million beneficiaries could be accommodated. Therefore, not all applicants will receive the grant.”It’s crucial to understand that the selection process is not based on the timing of application,” he clarified. “Everyone has an equal chance, determined through a computer-generated random select
As a part of efforts to tackle the nation’s economic problems, the Federal Government launched the Presidential Conditional Grants Program (PCGS).
The grant is a one-time cost of N50,000 to at least one million small and medium scale enterprises throughout the nation’s 774 local Government Areas,. The focused sectors of the scheme embody merchants, meals providers, ICT, transporters, and artisans
According to federal government guidelines, eligible applicants must be small business owners, managing enterprises with promising economic prospects, and willing to hire at least one additional staff member in case of increased turnover.
Additional requirements include providing evidence of residential or business address within the local government area, along with pertinent personal and bank account details, including Bank Verification Number (BVN) for identity confirmation and National Identification Number (NIN).
