By our reporter
The federal government will commence the payment of the N50,000 grants to the next batch of beneficiaries of the Economic Sustainability Plan (ESP) survival fund’s payroll support track and the one-off general Micro, Small and Medium Enterprises (MSME) grant.
Special Assistant to the Vice President on Media and Publicity, Laolu Akande disclosed this in a statement in Abuja.
The payment is expected to increase the number of beneficiaries under the payroll support track, which has so far benefitted a total of 319, 755 Nigerians, while 265, 425 Nigerians are beneficiaries under the artisan and transport support track. Of the 265, 425 beneficiaries, there are 118, 581 beneficiaries under the artisan support track, and 146, 844 beneficiaries under the transport track.
The payroll support track aims to support 500, 000 beneficiaries with the payment of up to N50, 000 per employee for a period of three months. The MSME Survival Fund, a component under the Nigerian Economic Sustainability Plan (NESP) 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 on over 35, 000 individuals per state.
The general MSME grant is a one off grant of N50,000 that will be given to each qualified MSME as direct cash injection into their enterprise and the total number of beneficiaries in this track is 100, 000 spread across the states. In the same vein, under the artisan support scheme, a total of 333, 000 artisans and transport business operators nationwide, will get a onetime operations grant of N30, 000 per beneficiary to reduce the effects of income loss due to the COVID-19 pandemic.
Also, 172, 129 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 October 26, 2020, with the registration by aggregators – CAC registration agents across the 36 states and the FCT. T
The processing of applications for the guaranteed offtake stimulus scheme is still ongoing and the commencement of this track will be announced on a later date.
The payroll support track aims to support 500, 000 beneficiaries with the payment of up to N50, 000 per employee for a period of three months. The MSME Survival Fund, a component under the Nigerian Economic Sustainability Plan (NESP) 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 on over 35, 000 individuals per state.
The general MSME grant is a one off grant of N50,000 that will be given to each qualified MSME as direct cash injection into their enterprise and the total number of beneficiaries in this track is 100, 000 spread across the states. In the same vein, under the artisan support scheme, a total of 333, 000 artisans and transport business operators nationwide, will get a onetime operations grant of N30, 000 per beneficiary to reduce the effects of income loss due to the COVID-19 pandemic.
Also, 172, 129 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 October 26, 2020, with the registration by aggregators – CAC registration agents across the 36 states and the FCT. T
The processing of applications for the guaranteed offtake stimulus scheme is still ongoing and the commencement of this track will be announced on a later date.
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