Nigerian Govenment has confirmed to begin payment of N30,000 to 330,000 Nigerians
Vice President Prof Yemi Osinbajo declared that a one-time grant of N30,000 would be awarded to recipients nationally by Lagos, Kano, State and Federal Capital Territory, FCT and nine other States in the first batch.
According to Osinbajo , Payroll Support Scheme enumeration and verification are still underway.
The VP said free registration of CAC Business Names for 250,000 MSMEs has also begun.
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Osinbajo said that as the Economic Sustainability Plan progresses, the payment of a one-time grant of N30,000 to 330,000 artisans across the country is now underway.
In Osinbajo’s words :
“The payments are being made to sets of verified beneficiaries of the Artisan Support Scheme, a track under the MSMEs Survival Fund,”
“In the first stream of payments starting today, beneficiaries are being drawn from the FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Rivers, Plateau and Delta States.
They form the first batch of applications for the scheme submitted between October 1 and October 10,”
Survival Fund scheme for MSMEs is a part of the Nigerian Economic Sustainability Plan (NESP) established by President Muhammadu Buhari ‘s Economic Sustainability Committee in March 2020.
The President asked Osinbajo to lead the committee that created and supervised the plan’s execution.
Under the ESP, the Survival Fund is generally structured to help, among other things, vulnerable MSMEs in fulfilling their various obligations and to safeguard employment in the field.
It should be noted that applications were opened on 1 October for the Artisans’ Support Scheme under the MSMEs Survival Fund.
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Meanwhile, with enumerators in different states compiling the lists of artisans through their association representatives, the enumeration for the second stream of states under the Artisan Support Scheme has also started.
It is expected that all artisans will liaise with their association leaders to document their records.
Registration of Stream 2 applicants started on 19 October 2020. Edo, Ogun, Ekiti, Katsina, Kebbi, Kogi, Kwara, Enugu, Ebonyi, Adamawa, Taraba, Bayelsa are the states under Stream 2
In the same way, the enumeration and review of applicants’ documentation under the Payroll Support scheme of the Survival Fund is still ongoing.
In due course, the dates for the start of payment will be announced.
The payroll support scheme application process, which started on September 21, ended on October 15, 2020. Accepted applications are classified, among other sectors, by sectors of the industry, including education and hospitality.
There could, however, be an extension of requests for those States that have not reached their beneficiary limit.
Approximately 9,000 Nigerians per state and FCT will benefit from the Artisan Support Scheme.
Furthermore, the formalization of funding under the MSME Survival Fund will also start today.
This includes the registration of free business names by the Corporate Affairs Commission (CAC) for 250,000 MSMEs nationwide.
According to the CAC, 6,606 company names will be registered for free in each of the states.
There will be 7,906 free registrations in Abuja, 9,084 in Lagos and 8,406 free Kano company names.
Also, a date will soon be declared for the launch of the Assured Offtake Scheme under the Survival Fund. This scheme is intended to safeguard and save employment for existing small businesses, while ensuring continued local development by ensuring the elimination of priority goods.
The Offtake Scheme is a track specifically for MSMEs involved in the development of products approved by the Survival Fund Steering Committee, organized under the leadership of State Ambassador Mariam Katagum, Minister of Industry, Trade and Investment.
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A CAC certificate, valid BVN, SON or NAFDAC certification are included in the basic specifications.
The N2.3 Trillion Economic Sustainability Plan consists of fiscal , monetary and sectoral initiatives aimed at improving local production, fostering industry, maintaining and creating jobs, and providing support to Nigerians, especially the most vulnerable.