N75bn MSME Fund: FG Disburses N10bn To 101,567 Beneficiaries

The Federal Government has so far disbursed about N10bn from the N75bn Micro Small and Medium Enterprises Survival Fund to over 101,567 beneficiaries.

The move is part of the Federal Government’s commitment to lift Nigerians out of poverty as encapsulated in the Economic Sustainability Plan.

The N75bn Micro Small and Medium Enterprise Survival Fund is the core of the N2.3trn stimulus package of the Nigerian Economic Sustainability Plan.

It is made up of N60bn MSMEs Survival Fund and the N15bn Guaranteed Offtake Scheme

The Fund is a conditional grant aimed at supporting vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector.

It is expected to save at least 1.3 million jobs across the country and specifically impact on over 35,000 individuals per state.

Speaking during a media briefing about the programme on Tuesday in Abuja, the Minister of Industry, Trade and Investment, Mariam Katagum said the government is committed to a successful implementation of the programme.

Katagun who is also the Chairperson Steering Committee to the MSMEs Survival Funds and Guaranteed off-take Stimulus Scheme said, “The disbursements for Payroll Support commenced last week Wednesday 18th November, 2020 and it is ongoing presently across the country.

“However, due to the inability of some states to meet their targets, the portal will be reopened to accommodate such States’’. 

She noted that the distribution of beneficiaries across the country includes, Lagos State with 25,000,  Kano 17,000, Abia16,000, and 13,000 for every other State.

According to her,  Artisan Track Scheme is being implemented in three streams, adding that enumeration of prospective beneficiaries under the first stream (Stream 1) commenced on October 1, 2020 while payments to beneficiaries in the stream has been approved.

Katagum also said that approval has been given for payment of 29,000 beneficiaries (artisans) in the Federal Capital Territory,  Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Plateau and Delta.

She assured the public that the selection of beneficiaries for all the schemes under the Survival Fund are treated on a first come first serve basis. 

On the challenges facing the scheme, she stated that the inability of the rural women to be convinced of the transparency that follows the scheme has been a major problem.

She said, “Some rural women, especially those in the hinter land finds it difficult to believe that government intention is real but it is easier for us with the literate and urban women, in all, we are also over coming this challenge.”

Earlier in his remarks, the Special Assistant to the President on MSMEs in the Office of the Vice President, Tola Johnson said the scheme is running as expected as beneficiaries are beginning to feel the impact of the programmes.

He said, ‘’The payoll has been kck-started, for the first time, we are building a system that works, the scheme is working because of the media and other stakeholders, we are seeing the results now from the information we are getting from across the country.”