By Ohuakanwa Chibuzo
Nano business owners across Nigeria have begun receiving credit alerts as beneficiaries of the Federal Government’s N50,000 grant program, aimed at alleviating the impact of the petrol subsidy removal. Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, confirmed the disbursements, stating that over 200,000 small business owners have already received the payment, with an additional 800,000 expected to receive theirs before the program concludes on May 31.
The initiative, part of President Bola Ahmed Tinubu’s announced palliative measures, targets reaching 1,000,000 Nigerians spread across the 774 local government areas. Dr. Uzoka-Anite highlighted that the selection process was conducted randomly from over 3.6 million applications, ensuring fairness and transparency. A total of N50 billion has been allocated in the 2024 budget for the disbursement.
Responding to inquiries regarding the delay in reaching some beneficiaries, Dr. Uzoka-Anite emphasized the importance of verifying National Identification Numbers (NIN) in addition to Bank Verification Numbers (BVN) to prevent duplication and ensure accountability. She assured that the disbursement process, managed by the Bank of Industry, is ongoing and transparent, with physical enumeration conducted for re-verification.
While acknowledging that not all 3.6 million applicants will receive grants simultaneously, Dr. Uzoka-Anite reiterated the commitment to reaching the targeted one million beneficiaries. Disbursement is conducted in batches to minimize errors, with grants issued at the state and local government levels based on verified applications.
Regarding transparency, the minister assured that the list of beneficiaries will be made available for public scrutiny, offering options to check status via BVN and last name. However, she clarified that there are currently no plans for another grant, leaving any further aid at the discretion of the President.
In addition to the grant program, the Federal Government has implemented various palliatives, including distributing grains through governors and federal lawmakers, cash disbursements to states for vulnerable Nigerians, and wage awards for federal workers. Plans to introduce Compressed Natural Gas (CNG)-powered buses are also underway, slated for realization before the end of the month.