[Nigeria] Additional 20,000 people accessed payroll support scheme

[Nigeria] Additional 20,000 people accessed payroll support scheme
10 May 2021

An official statement from the country’s presidency announced that a further 200,000 Nigerians have benefitted from the Economic Sustainability Plan(ESP)’s Payroll Support for Micro Small and Medium Enterprises(MSMEs), The Guardian Nigeria reports.

In the statement from Abuja, Laolu Akande - Senior Special Assistant to the President on Media and Publicity, Office of the Vice President - said the latest figures brought the total beneficiaries of the Payroll Support Scheme to 465,820 nationwide.

The MSMEs Survival Fund’s Payroll Support track and the one-off General MSME Grant started receiving payments on April 28. The commencement of payment to beneficiaries of the Payroll Support track and the one-time General MSME Grant was announced on April 25.

It follows the approval of the Steering Committee of the MSME’s Survival Fund for the payment to successful beneficiaries of the Payroll Support and General MSME Grant tracks.

The statement said, “Specifically for this round, over N13 billion has been made available for the Payroll Support track and over N2 billion for the General MSME Grant respectively.

“For the Payroll Support track, where beneficiaries are supported with an N30,000 or N50,000 grant per month for a period of three months, 146,065 successful beneficiaries from 28 States have started receiving payment of the sum of N30,000 each.

“Each beneficiary under this batch of payment will receive the payment of N90,000 as three-month’s salary support directly from the Federal Government.

“The states include Abia, Adamawa, Anambra, Bayelsa, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, and Jigawa.

“Others are Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Sokoto, Taraba, Yobe, and Zamfara.

“This brings a total of 465,820 beneficiaries so far under the Payroll support scheme nationwide.’’

Similarly, under the General MSME Grants track, 46,117 successful beneficiaries in the Federal Capital Territory (FCT) and 36 States have commenced receiving payment for the one-off grant of N50,000 each. This total accounts for 50 per cent of the required disbursement per state.

Another batch, that will reportedly complete the target, is forthcoming. The total number of beneficiaries in this track is 100,000 spread across the States. The one-off grant of N50,000 will be given to each qualified MSME as a direct cash injection into their enterprise.

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 to safeguard jobs in the MSMEs sector.

It is estimated that the scheme will save a minimum of 1.3 million jobs across Nigeria and specifically impact over 35,000 individuals per state.

The ESP was approved by President Muhammadu Buhari on June 24, 2020, as an N2.3 trillion stimulus plan to mitigate the socioeconomic effects of the COVID-19 pandemic on Nigerians.

The plan was developed by the Economic Sustainability Committee chaired by Vice President Yemi Osinbajo, who was also asked by the president to lead its implementation.

Source: The Guardian Nigeria

An official statement from the country’s presidency announced that a further 200,000 Nigerians have benefitted from the Economic Sustainability Plan(ESP)’s Payroll Support for Micro Small and Medium Enterprises(MSMEs), The Guardian Nigeria reports.

In the statement from Abuja, Laolu Akande - Senior Special Assistant to the President on Media and Publicity, Office of the Vice President - said the latest figures brought the total beneficiaries of the Payroll Support Scheme to 465,820 nationwide.

The MSMEs Survival Fund’s Payroll Support track and the one-off General MSME Grant started receiving payments on April 28. The commencement of payment to beneficiaries of the Payroll Support track and the one-time General MSME Grant was announced on April 25.

It follows the approval of the Steering Committee of the MSME’s Survival Fund for the payment to successful beneficiaries of the Payroll Support and General MSME Grant tracks.

The statement said, “Specifically for this round, over N13 billion has been made available for the Payroll Support track and over N2 billion for the General MSME Grant respectively.

“For the Payroll Support track, where beneficiaries are supported with an N30,000 or N50,000 grant per month for a period of three months, 146,065 successful beneficiaries from 28 States have started receiving payment of the sum of N30,000 each.

“Each beneficiary under this batch of payment will receive the payment of N90,000 as three-month’s salary support directly from the Federal Government.

“The states include Abia, Adamawa, Anambra, Bayelsa, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, and Jigawa.

“Others are Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Sokoto, Taraba, Yobe, and Zamfara.

“This brings a total of 465,820 beneficiaries so far under the Payroll support scheme nationwide.’’

Similarly, under the General MSME Grants track, 46,117 successful beneficiaries in the Federal Capital Territory (FCT) and 36 States have commenced receiving payment for the one-off grant of N50,000 each. This total accounts for 50 per cent of the required disbursement per state.

Another batch, that will reportedly complete the target, is forthcoming. The total number of beneficiaries in this track is 100,000 spread across the States. The one-off grant of N50,000 will be given to each qualified MSME as a direct cash injection into their enterprise.

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 to safeguard jobs in the MSMEs sector.

It is estimated that the scheme will save a minimum of 1.3 million jobs across Nigeria and specifically impact over 35,000 individuals per state.

The ESP was approved by President Muhammadu Buhari on June 24, 2020, as an N2.3 trillion stimulus plan to mitigate the socioeconomic effects of the COVID-19 pandemic on Nigerians.

The plan was developed by the Economic Sustainability Committee chaired by Vice President Yemi Osinbajo, who was also asked by the president to lead its implementation.

Source: The Guardian Nigeria

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