The federal government, on Thursday, last week, began the disbursement of its N75 billion Micro, Small and Medium Enterprises (MSME) survival funds.
Read more about Business
The Special Assistant to the President on MSMEs/DFIs, Tola Johnson, said that the fund is a N30,000 one-off grant and targeted at over 300,000 artisans affected by the COVID-19 pandemic. He said that the plans to disburse the payroll support scheme are in the works.
Johnson disclosed this at the activation of the Artisan Scheme of the MSME fund by the Bank of Industry (BoI) in Bariga, a community in Lagos.
“It is no news that the pandemic affected many businesses and the government in its wisdom thought about how it could support different clusters of people.
“We have people for the payroll support, the artisan and the transport sectors.
“We also have people that we give money to cushion the effect of the pandemic on their businesses.
Find our comprehensive listings of businesses in Nigeria here https://businesses.connectnigeria.com/
“The federal government resolved to support 500,000 people every month for three months, and also support 300,000 artisans with a N30, 000 one-off grant and N50, 000 to about 100,000 businesses that have been affected by the pandemic.
“We are carrying out this programme in phases so that we can learn from the mistakes of the first and correct in the second stream.
“We are actually trying to monitor to a large extent to ensure that what was approved is what is being done,”
Johnson stated that the government has put in place a system for monitoring and evaluating the processes to ensure that the fund is effectively disbursed.
He added that in the Bariga cluster, over 400 people have benefitted from the scheme with another 11 clusters approved last week, and the second stream of states waiting for approval.
Featured Image Source: Nairametrics
Got a suggestion? Contact us: editor at connectnigeria dot com