15 Frequent Asked Questions (FAQs) By Applicants Of N50,000 Presidential Conditional Grant

The Presidential Conditional Grant Scheme (PCGS) administration understands the importance of responding to frequently asked questions and concerns from applicants.

In order to achieve this, they have put together an extensive list of frequently asked questions (FAQs) with the goal of bringing clarity and openness to the grant process.

The responses from PCGS management are as follows:

1. Eligibility Criteria for N50,000 Grant

  • Question: What were the eligibility criteria for businesses to qualify for the N50 billion grant from the Bank of Industry?
  • Answer: Eligible businesses encompass nano enterprises aiming to expand, committed to formal business registration, and hiring at least one additional employee as their turnover increases. Requirements include personal and banking details such as BVN and NIN.

2. Application Closure

  • Question: Has the application for grants closed?
  • Answer: Yes, the application portal ceased operations at midnight on April 17, 2024.

3. Reasons for Application Closure

  • Question: Why was the application portal closed for grants?
  • Answer: The portal ceased operations due to an overwhelming influx of applications, surpassing 3.6 million.

4. Transparency in Disbursement Process

  • Question: How will the Bank of Industry ensure transparency and accountability in the disbursement process of the N50 billion grant?
  • Answer: The Bank of Industry utilizes NIN, BVN, and bank account details for beneficiary verification to prevent duplication. Physical enumeration is also conducted to revise information, including capturing live beneficiary photos.

5. Disbursement Time Frame

  • Question: What is the time frame for the disbursement of the N50 billion grant?
  • Answer: Disbursement is underway and processed in batches, with completion expected by the end of May 2024.

6. Criteria for Disbursement Order

  • Question: Are there specific criteria or priorities for determining the order of disbursement to businesses?
  • Answer: Disbursements occur based on the order of application verification, with the aim of reaching approximately 1 million beneficiaries, distributed evenly across LGAs nationwide.

7. Disbursement Status Inquiry

  • Question: Why are some individuals receiving alerts while others, who applied earlier, have not?
  • Answer: Disbursement is contingent upon successful NIN verification, which became mandatory in the post-initial application phase, requiring only BVN. Selection is made at random from those passing both NIN and BVN verification stages.

8. Verification Status Inquiry

  • Question: How do applicants know if they have been verified?
  • Answer: Verification is a digital process; individuals need not be contacted post-verification, with disbursements occurring automatically upon successful verification.

9. Grant Reception Probability

  • Question: Will all applicants receive the grant?
  • Answer: No, only 1 million out of 3.6 million applicants will receive the grant, aligning with the budget allocated for nano businesses.

10. Unified Disbursement Timing

  • Question: Why can’t all applicants be verified and paid simultaneously?
  • Answer: The thorough verification process for over 3 million applications necessitates batch processing to minimize errors and ensure accuracy.

11. State-wise Disbursement Disparity

  • Question: Why have some states received grants while others have not?
  • Answer: Grants are disbursed incrementally, covering all states and progressing through LGAs systematically.

12. Disbursement Procedure Clarification

  • Question: How are disbursements being executed? Is it based on state or alphabetical order?
  • Answer: Disbursements occur based on verified applications, proceeding state by state and LGA by LGA.

13. Publication of Beneficiary List

  • Question: Will the list of beneficiaries be published?
  • Answer: Yes, the beneficiary list will be available upon completion of the process, with the option to check status via BVN and last name.

14. Future Grant Possibility

  • Question: If unsuccessful this time, will another grant be issued?
  • Answer: Currently, there are no plans for another grant; decisions regarding further aid will be at the President’s discretion.

15. Change in Applicant Details

  • Question: What should applicants do if their details have changed since the application?
  • Answer: Captured details during application are final; however, changes will not affect payment as long as the bank account remains valid and matches BVN and NIN.

PCGS management remains committed to ensuring transparency, fairness, and efficiency throughout the grant disbursement process, addressing applicant concerns with diligence and clarity.

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