=== (AGENDAWATCHDOG) === According to the Presidency, over one million Nigerians have so far benefitted from the Survival Fund scheme under the Federal Government’s Economic Sustainability Plan (ESP), with 500,000 beneficiaries under the MSMEs Payroll support track, 44,500 under the one-off General MSME Grant, while another 265,425 under the artisan support track, among others.
This was disclosed via a statement by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr Laolu Akande, in Abuja on Saturday night, where he said that, for the Payroll Support track, there are so far 459,307 successful beneficiaries. Under the scheme, beneficiaries receive payment of the N30,000 or N50,000 grant per month for a period of three months.
For the General MSME Grants, Akande said that about 44,500 successful beneficiaries have received payment for the one-off grant of N50,000 each, and that the total number of beneficiaries of the General MSME Grant will increase in the coming weeks as the Steering Committee has approved payment to an additional 40,114 successful new beneficiaries, adding that 202,494 businesses have so far benefitted under the ESP Survival Fund formalization support track, which is aimed at registering 250,000 new businesses for free with the Corporate Affairs Commission (CAC).
The formalization support scheme had commenced on the 26th of October, 2020, with the registration by aggregators – CAC registration agents – across the 36 states and the FCT.
Recall that payment to new beneficiaries of the Payroll Support track and the one-time General MSME Grant had commenced at the end of April. The ESP was approved by President Muhammadu Buhari on June 24, 2020, as an N2.3 trillion stimulus plan to tackle the socio-economic effects of the COVID-19 pandemic on Nigerians. The Plan was developed by the Economic Sustainability Committee chaired by Vice President Yemi Osinbajo, SAN, who the President also asked to lead its implementation.
PROJECTED IMPACT: The MSME Survival Fund, a component under the ESP is designed to support vulnerable Micro Small and Medium Enterprises (MSMEs) in meeting their payroll obligations and safeguard jobs in the MSMEs sector. The scheme is estimated to save not less than 1.3 million jobs across the country and specifically impact over 35,000 individuals.