Survival Fund Update: FG to commence Disbursement of Payroll Support Scheme

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Survival Fund Disbursement Update – This is to inform all verified applicants of the Survival Fund’s Payroll Support Scheme as Federal Government will commence Payments to all verified accounts on the scheme, see more below.

The Federal Government has assured that more payments for Survival Fund’s Payroll Support will be made from this week to the next batch of beneficiaries of the Economic Sustainability Plan (ESP) Survival Fund’s Payroll support track and the one-off General MSME Grant of N50,000.

This was stated by the spokesman to the Vice President, Laolu Akande, on Sunday, it is furtherance of the present administration’s support for small businesses during the COVID-19 pandemic under the Economic Sustainability Plan (ESP).

According to the Statement, this is expected to increase the number of beneficiaries under the Payroll Support track, which has so far benefited 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 Artisan support track, and 146,844 beneficiaries under the Transport track.

Read – CBN Covid-19 Loan 2021 Reopens – nmfbloans.nmfb.com.ng/covid19tcfhouseholdses

“The payroll support track aims to support 500,000 beneficiaries with 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.”

READ: NDE Commences Partial Payments of Stipends to SPW Workers

Update on MSME Grants and the Guaranteed Off-take Stimulus Scheme

Applications for the MSME Grants and Guaranteed Off-take Stimulus (GOS) Schemes, opened on, 9th February 2021 and closed on 1st March 2021.

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. The total number of beneficiaries in this track is 100,000 spread across the States.

READ: Federal Ministry of Agriculture and Rural Development is recruiting – Apply here

“In the same vein, under the Artisan Support scheme, a total of 333,000 Artisans and Transport business operators nationwide will get one-time operations grant of N30,000 per beneficiary to reduce the effects of income loss due to the COVID-19 pandemic.

Meanwhile, 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).

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