MSMES SURVIVAL FUND:
OVER ONE MILLION BENEFICIARIES SO FAR
May 30th, 2021
The MSME Survival Fund 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, will provide Payroll support of N30,000 or N50,000 grant over three months to 500,000 beneficiaries nationwide.
Over one million Nigerians have so far benefitted from the Survival Fund scheme under the Economic Sustainability Plan (ESP)
· For the Payroll Support track of the Survival Fund, there are 495,307 beneficiaries that have have so far paid the N30,000 or N50,000 grant each, which will be for over a period of three
months.
· For the Artisan and Transport Support track, there are 265,425 beneficiaries. Payment of N30,000 one-time grant to 333,000 artisans across the country is in progress.
· Formalization Support: 250,000 Free Business Name Registrations for Msmes: Over 202,494 business names registered already.
· The General MSME Grant is a one-off grant of N50,000 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.
MSME GRANT: 44,500 beneficiaries, with another 40,114 approved for payment to make 84,614 beneficiaries
Terms of Reference
Development of a clear Economic Sustainability Plan in response to challenges posed by the COVID-19 Pandemic
Identification of fiscal measures for enhancing distributable oil and gas revenue, increasing non-oil revenues and reducing non- essential spending, towards securing sufficient resources to fund the plan
Provision of a Fiscal/Monetary Stimulus Package, including support to private businesses (with emphasis on strategic sectors most affected by the pandemic) and vulnerable segments of the population
Monetary policy measures in support of the Plan
Articulation of specific measures to support the States and FCT.
A clear-cut strategy to keep existing jobs and create opportunities for new ones;
Identify measures that may require legislative support to deliver the Plan.