Payroll Support Update
Recall that the MSME Survival Fund Scheme - an initiative of President Mohammadu Buhari led administration to cushion the effect of COVID-19 Pandemic on Micro, Small and Medium Enterprises as Part of the National Economic Sustainablity Plan are described as follows:
The Payroll Support Track - a 3 month Salary Supports which targets 500,000 Employees of Micro, Small and Medium Enterprises (MSMEs). The beneficiaries are paid N30,000 to N50,000 each month.
The Formalization Supports also known as Free CAC Registration which targets 250,000 unregistered Micro, Small and Medium Enterprises that would be registered free of charge by the Corporate Affairs Commision.
The Artisan and Transport Supports Track 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 General Grant of N50,000 to 100,000 MSMEs and the Guaranteed Offtake Scheme for bulk purchase of Products worth upto N50,000 to N150,000 from 100,000 Producers.
In the first meeting of the Economic Sustainability Committee in 2022, the Minister of State, Industry, Trade and Investment, Mrs Mariam Katagum disclosed that over 1.1 million Nigerians have benefitted from the different schemes under the ESP msme survival fund, thereby saving millions of jobs.
Mrs Katagum in her report stated that 459,334 beneficiaries have so far emerged under the Payroll Support Scheme. This entails that about 40,666 beneficiaries are yet to be engaged under the Payroll Support Scheme.
Related: MSME Survival Fund: Payroll Supports Update January 25th 2022
She added that 307,687 beneficiaries have been recorded under the Artisan & Transport Scheme. Which means that about 25,313 beneficiaries are yet to benefit under the track.
Similarly, 82,491 Nigerians have so far benefited from the General msme Grants Scheme, while 17,468 have so far benefited under the Guaranteed Offtake Scheme. This also means that 17,509 and 82,538 beneficiaries are yet to emerge under the General Grant and Guaranteed Offtake Scheme respectively.
According to the Minister's report, 250,000 business names have however been registered free under the survival fund’s CAC Formalization Support Scheme.
The above report is contained in a Statement titled "VP receives ESP Update, as MDAs report progress with over two million jobs saved, created so far" dated 10th January, 2022, by Laolu Akande - Senior Special Assistant to the President on Media and Publicity.
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