MSME Survival Fund: Accolades as Federal Government furthers on Payroll Supports

The Federal Government has today commenced the second batch of payment to verified Micro, Small and Medium Enterprise (MSMEs) shortlisted for the Payrol Supports Scheme of the MSME Survival Funds Programme.

This is comming exactly one week  after the payment of the first Batch of 101,567 beneficiaries drawn from 16,253 verified Businesses across the States of the Federation on 18th November, 2020.

The Federal Government had assured Nigerians that the Payrol Supports would be made for 3 months to 500,000 beneficiaries carefully selected upon meeting the stated requirements. 

Presenting analysis of data recieved after the online application, the Project Coordinator of the Project Delivery Office and Special Assistant to the President on Micro, Small and Medium Enterprises (MSMEs) in the Office of the Vice President, Mr Tola Johnson, stated that over 400,000 Businesses had applied for the Payroll Supports as at the closing date while 70,000 that met the requirements and qualified were shortlisted, as contained in Daily Trust, 20th October, 2020. 

“As at the day the portal closed to applicants for Payroll Support Scheme, we had 432,000 businesses that applied. However, we have shortlisted 70,000 that qualify and meet the requirements. These businesses have uploaded over 400,000 staff for us to pay for three months,” Johnson stated.

While the payment continues, verification had also continued and not all  will be paid at once but the full assurance is that everyone shortlisted will be paid. 

The Federal Government had also lately changed the application portal to https://www.Survivalfund.gov.ng

Other Components of the N75Billion MSME Survival Funds are:

The Formalization Supports also known as Free CAC Registration through which 250,000 unregistered Micro, Small and Medium Enterprises would be registered free of charge with the Corporate Affairs Commision by the Federal Government as part of National Economic Sustainability Plan on MSMEs. The application for the Formalisation Support has been concluded in some States. 

The Artisan and Transport Supports through which 333,000 Artisans (Tailors, Plumbers, Bricklayers, Masons, Carpenters, Mechanic etc) and Transporters (Keke Riders, Okada Riders, Taxi Drivers, Bus Drivers etc) would benefit from a one time N30,000 to N50,000 Grant.

The Activation for the Artisan Supports has progressed in many parts of the country through 'clusters' capture as in Apo Mechanic Village in Abuja, Bariga in Lagos, Kofar Ruwa Market in Kano, Ariaria Market, Aba in Abia State and lately at Sabon Kasuwa in Bauchi State.

Others are the General Grant of N50,000 to 100,000 MSMEs and Guaranteed Offtake Scheme for bulk purchase of Products from 100,000 Producers which are yet to commence.

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