MSME Survival Funds: 101,567 Beneficiaries drawn from 16,253 Businesses paid for Payroll Supports - President Buhari

The President of the Federal Republic of Nigeria, President Mohammadu Buhari, has announced that 101,567 beneficiaries of the MSME Survival Funds Payroll Supports drawn from 16,253 Businesses had yesterday been paid for their first month as the Federal Government progresses on the N75Billion MSME Survival Funds, part of the National Economic Sustainability Plan to cushion the effect of COVID-19 Pandemic on Micro, Small and Medium Enterprises (MSMEs) in Nigeria.  

President Buhari announcing this through a tweet yesterday stated, "I am pleased to announce that 101,567 beneficiaries drawn from 16,253 businesses today received their first monthly payment from our Payroll Support Program. The program is a @SurvivalFund_ng Covid-relief initiative to support qualifying MSMEs with staff salaries for 3 months."

The Payroll Supports as a component of the MSME Survival Funds assures a staff support of N30,000-N50,000 to about 500,000 verified beneficiaries drawn from qualified MSMEs in Nigeria for a period of three months.

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.

Prior to the commencement of the payment yesterday, verification processes which included direct phones calls, were conducted on the beneficiaries.

Read more here >>>MSME Survival Fund: Ecstasy as Payroll Support raves

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