MSMEs Survival Fund: FG Begins Payment of N30,000 Grants to 330,000 Artisans
MSMEs Survival Fund: FG Begins Payment of N30,000 Grants to 330,000 Artisans: The Federal Government of Nigeria has started disbursing the sum of 30,000 to over 300,000 Artisans in the country
Mr. Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity revealed this in Abuja Tuesday night
Bauchi, Anambra, Abia, Rivers, Plateau and Delta States, FCT, Lagos, Ondo, Kaduna, Borno, and Kano states are listed among the first stream to benefit from the MSMEs Survival Fund to 330,000 Artisans
Precise Words of Mr. Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity
“They form the first batch of applications for the scheme submitted between October 1 and October 10.
“The MSMEs Survival Fund scheme is a component of the Nigerian Economic Sustainability Plan which was developed by an Economic Sustainability Committee established by President Muhammadu Buhari in March 2020.
The President asked his deputy, Vice President Yemi Osinbajo, SAN, to head the committee which produced and is overseeing the implementation of the plan.
“Under the ESP, the Survival Fund is generally designed to among other things; support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector.”
“The registration of applicants for Stream 2 began on October 19, 2020. States under Stream 2 are: Edo, Ogun, Ekiti, Katsina, Kebbi, Kogi, Kwara, Enugu, Ebonyi, Adamawa, Taraba, Bayelsa
“In the same vein, enumeration and verification of the documents of applicants under the Survival Fund Payroll Support scheme is still ongoing. Dates for the commencement of payment would be announced in due course.
“The application process for the payroll support scheme, which began on September 21, had ended on October 15, 2020. Accepted applications are categorised by industry sectors, including Education and Hospitality, among other sectors.
“However, there may be an extension for applications for some states that have not met their quota on beneficiaries. The Artisan Support Scheme is to benefit about 9,000 Nigerians per state and FCT.”
Facts about the National Survival Fund
- The scheme is estimated to save not less than 1.3million jobs across the country
- Over 35,000 individuals per state
- 100,000 Businesses/Persons will get N50,000 each-Free Grant
- 333,000 artisans and transport business operators will get N30, 000 each-Free Grant
- 100,000 MSMEs to protect jobs and livelihood
- 500,000 vulnerable MSMEs will get N30,000 to N50,000 per employee over 3 months
- 250,000 new businesses to get free CAC Business Name registration
- What are you waiting for? Click here to start registration now
MSME SURVIVAL FUND
“The MSME Survival Fund is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard Jobs in the MSMEs sector.
The scheme is estimated to save not less than 1.3million jobs across the country and specifically impact on over 35,000 individuals per state”
The scheme will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.
The scheme targets two categories of beneficiaries namely;
- Employees of MSMEs
- Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
- General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
- Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30, 000 operations grant to reduce the effects of income loss
- Guaranteed Off take Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
- Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months
- Formalisation Support: provide free CAC Business Name registration for 250,000 new businesses
- Must have a staff strength of no less than 3 persons
- Must be owned by a Nigeria
- Employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC
- Must have BVN by company CEO
Self-employed Individuals in the following categories
- Artisans, Electricians Plumbers
- Service providers in the transportation sector-Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics