MSME Survival Fund: Ecstasy as Payroll Support raves

Joy has filled the air as many applicants of the Payroll Supports, a component of the Federal Government N75Billion MSME Survival Funds, have confirmed to have been woken up by credit alerts of N30,000-N50,000 this morning.

The Payroll Supports which ensures the payment of N30,000-N50,000 to employees of Micro, Small and Medium Enterprises in Nigeria for a period 3 months, is one of Federal Government initiatives to cushion the effect of COVID-19 Pandemic on MSMEs in Nigeria.

The laudable scheme for 500,000 employees of Nigeria owned MSMEs wrapped up its registration procesess through the Proprietors of the MSMEs in October and furthered with verification of the beneficiaries that involved direct phone calls to the beneficiaries which some when contacted, mistook to fraudulent phone calls.

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 yesterday 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.