Economic Sustainability Plan: FG embark on payment of N30, 000 Grants to Nigerians

The Federal Government under the administration of President Muhammadu Buhari has continued with the implementation of the Economic Sustainability Plan, to empower Nigerians through her MSMEs Survival Fund Scheme.

A statement from the office of the Vice President reads: that the payment of N30,000 one-time grant to 330,000 artisans across the Federation is now in progress.

The statement signed by Laolu Akande, spokesman to the Vice President, revealed that the payments are being made to sets of verified beneficiaries of the Artisan Support Scheme, a track under the MSMEs Survival Fund.

Akande further said beneficiaries are being drawn from the FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Rivers, Plateau and Delta states. He stated that they form the first batch of applications for the scheme submitted between Thursday, October 1 and Saturday, October 10.

Free FG Registration 250000 Business Names for MSMEs with CAC in Nigeria – Register here

The MSMEs Survival Fund scheme is a component of the Nigerian Economic Sustainability Plan, NESP, which was developed by an Economic Sustainability Committee established by President Muhammadu Buhari in March 2020. The president asked Vice President Yemi Osinbajo, SAN, to head the committee which produced and is overseeing the implementation of the plan.

The registration of applicants for Stream 2 began on the 19th of October 2020. States under Stream 2 are: Edo, Ogun, Ekiti, Katsina, Kebbi, Kogi, Kwara, Enugu, Ebonyi, Adamawa, Taraba, Bayelsa

In the same vein, enumeration and verification of the documents of applicants under the Survival Fund Payroll Support scheme are still ongoing. Dates for the commencement of payment would be announced in due course.

The application process for the payroll support scheme, which began on September 21, had ended on the 15th of October 2020.

Accepted applications are categorized by industry sectors, including Education and Hospitality, among other sectors.

How to apply/register for Conditional Cash Transfer (CCT) for households in Nigeria

The N2.3 Trillion Economic Sustainability Plan consists of fiscal, monetary and sectorial measures to enhance local production, support businesses, retain, create jobs and provide succor to Nigerians, especially the most vulnerable. Meanwhile, the Nigeria Labour Congress (NLC) has urged federal and state governments to release all COVID-19 palliatives still stored in warehouses across the country.

This was contained in a statement sent to journalists on Monday, October 26 and signed by the NLC president, Comrade Ayubba Wabba. In a related development, a foremost political scholar and visiting fellow at the London School of Economics and Political Science (LSE), Dr. Uche Igwe has described state governors who stored palliatives meant for distribution to hungry citizens as pretenders.

However, there may be an extension for applications for some States that have not met their quota on beneficiaries.

The Artisan Support Scheme is to benefit about 9,000 Nigerians per State and FCT.

In addition, the formalization support under the MSME Survival Fund will also commence today. This involves free business names’ registration for 250,000 MSMEs nationwide by the Corporate Affairs Commission (CAC).

According to the CAC, 6,606 business names in each of the 34 states will be registered for free.

In Abuja, there would be 7,906 free registrations, 9,084 in Lagos, and 8,406 free business names from Kano.

Also, a date for the commencement of the Guaranteed Offtake Scheme under the Survival Fund will be announced soon. This scheme is designed to safeguard existing small businesses and save jobs while ensuring continued local production by guaranteeing off-take of priority products.

2020 Nigerian Youth Investment Fund (NYIF) Application Form – Apply here

The Offtake Scheme is a track specifically for MSMEs that are into production of items approved by the Steering Committee of the Survival Fund coordinated under the leadership of the Industry, Trade and Investment Minister of State Ambassador Mariam Katagum. The basic requirements include CAC certificate, valid BVN, SON, or NAFDAC certification.

Author: Noblinks

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