MSME Survival Fund: FG raises hope, assures full implementation of the Payroll Support Scheme

The Federal Government, in furtherance to the N75Billion MSME Survival Funds Project to cushion the effect of COVID-19 Pandemic on Micro, Small and Medium Enterprises, has assured Nigerians that 500,000 Nigerians would benefit from the Payroll Supports Scheme for 3 months.

This is contained in a update by the Project Delivery Office yesterday on their Social handle, to clarify to Nigerians the progress of the Scheme and relief the doubts of applicants who had feared exclusion in the first phase of the fund disbursement. 

President Mohammadu Buhari  had on 18th November, 2020 in a tweet announced that 101,567 beneficiaries of the MSME Survival Funds Payroll Supports drawn from 16,253 Businesses had recieved their first month payment, as the Federal Government progresses on the N75Billion MSME Survival Funds Program.

The phased payment which raised fear among applicants demanded an immediate update in order to douse tension and raise the faith of Nigerians on the Federal Government as efforts are geared towards salvaging the COVID-19 economic situation, through the National Economic Sustainablity Plan.

Read also>>>>The National Economic Sustainablity Plan (NESP)

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, had in a statement on 19th October, 2020 contained in Daily Trust (20th October, 2020), 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 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.

The Payroll Supports Scheme as a component of the MSME Survival Funds would ensure the payment of between N30,000 - N50,000 to 500,000 employees of verified and qualified MSMEs in Nigeria for a period of 3 months.

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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