Bank Of Industry Verifies 64,000 Firms, Pays 311,000 Beneficiaries From Payroll Support Fund

The Bank of Industry on Tuesday said it had verified over 64,000 companies that applied to benefit from the payroll support fund of the Federal Government.

The Payroll support fund is one of the components of the Federal Government intervention programme under the N2.3trn Economic Sustainability Plan which was introduced to support the Micro, Small and Medium Enterprises that were badly hit by the negative impact of the coronavirus pandemic.

It is one of the programmes aimed at stimulating the Nigerian economy and it targeted at paying the salaries of over 500,000 vulnerable MSMEs for a period of three months.

Based on the plan of programme, there will be provision of small grants of N50,000 to support the survival of 100,000 businesses mostly affected by the COVID-19 pandemic.

Artisans and transporters are also not left out as 330,000 beneficiaries are expected to receive N30, 000 operations grant to reduce the effect of income loss.

Speaking on Tuesday in Abuja, the BOI Stakeholder Engagement representative, Mr. Akan Ekure, said that the bank has so far verified about 64,000 companies while about 311,000 beneficiaries have been paid under the payroll support fund.

He said while some companies have received N50, 000 for payroll support, beneficiaries from other companies were paid N30, 000.

He said, “We are here to celebrate the payroll support which is part of the MSMEs survival fund. The Federal Government during the COVID-19 pandemic came up with the payroll support fund.

“The fund is to support their salaries for three months and we will be given N50,000 for three months to beneficiaries.

“About 64, 000 companies have been verified while about 311,000 beneficiaries have gotten this money nationwide, Some companies got N50,000 and some got N30,000 for payroll support.”

Some of the beneficiaries who spoke at the event called on the Federal Government to extend the duration of the payroll support with additional three months.

They said the need to extend the intervention programme had become compelling, following the outbreak of the second wave of the COVID-19 pandemic.

One of the beneficiaries, Mr Bolaji Makinde said that he was planning to reduce his workforce at the peak of the pandemic when he was assisted with the payroll support fund.

He explained that through the support, he has been able to retain his workers while maintaining the business.

Makinde urged the Federal Government to extend the intervention by three months in view of the fact that the economy had yet to come out from recession.

Another beneficiary who gave his name as Andrew said that there is need for the fund to be extended beyond the initial three months.

He said many businesses are still struggling to survive the negative effect of the pandemic, adding that additional six months extension would provide enough time for their businesses to become profitable.

But when asked if the programme would be extended based on the requests of the beneficiaries, Ekure told journalists that such decision lies with the Federal Government.

He said, “The programme was designed and approved for three months and for now that is the status quo. But as we have heard all the cries and requests for beneficiaries for extension, we will carry that to our principals and See what can be done. Resources are finite these days and with the limited resources that the Federal Government has, they are doing what they can.”