.Download Our App

COVID-19: Why Lagos, Kano, Abia will get more beneficiaries from N75bn survival fund – Presidency

The Presidency on Sunday disclosed that Lagos, Kano and Abia States would get more beneficiaries from the Economic Sustainability Plan, ESP, N75 billion MSME survival fund distributed across the states.

The disclosure was contained in an updated report of the Federal Government on the implementation of the survival fund scheme.

Spokesman to the Vice President, Yemi Osinbajo, Laolu Akande explained that Lagos, Kano and Abia States had more MSMES activities in their states than the rest.

In a statement he sent to DAILY POST, Akande said: “While Lagos, Kano and Abia will get slightly higher numbers of beneficiaries, all other states and the FCT will get an evenly distributed share of the Economic Sustainability Plan’s (ESP) N75 billion MSMEs Survival Fund.

“Lagos, Kano and Abia had more MSMES activities in their states than the rest and this explains why they got slightly higher numbers of beneficiaries.”

READ ALSO  Reps committee fumes as Finance Minister abandons budget panel for economic summit

The report disclosed that the Steering Committee led by the Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum is working to ensure smooth implementation of the programme across the states and FCT as focal persons are enlisted by the Project Delivery Office (PDO) to drive the operationalization of the schemes in communities within the states.

A detailed distribution procedure for the five tracks under the survival fund is as follows:
1.Payroll Support – Lagos gets 25, 000 beneficiaries; Kano, 17,000; Abia, 16, 000; other states 13, 000 each
2.General MSME Grants – Lagos, 3, 880; Kano, 3,280; Abia, 3,080; other states , 2,640 each
3.Free CAC registration – Lagos, 9,084; Kano, 8, 406; Abia, 7, 906; other states 6,606 each
4.Artisan & Transport Grants – 36 States and FCT , 9,009
5.Guaranteed Offtake Stimulus Scheme (MSMEs) – Lagos, 3,880; Kano, 3,280; Abia, 3080 and other states 12,640 each.

READ ALSO  Police dismiss 10 officers, demote 18 others

The report indicated that Abia, Lagos and Kano states were separated from the others in the distribution of slots for beneficiaries because of their special status in the MSMEs space, having a larger concentration of small businesses in the country.

The report allays any fears of marginalization of states in the distribution of slots for the five tracks of the Survival Fund.

On the ongoing disbursement of grants under the Artisans Track, in the first set of states, the report indicated that “66% of the total number of registered potential beneficiaries are male artisans while 34% are female artisans.

“The intention of the federal government under the scheme is to augment the payroll obligations of businesses in the health, production, education, hospitality and food production sectors; provide N50, 000 grants to an additional eligible 100,000 MSMEs; register 250,000 new businesses with the Corporate Affairs Commission (CAC) at no cost to the MSMEs; and Support self-employed individuals like Mechanics, Taxi Drivers, Hairdressers, Keke Napep Riders, Okada riders, plumbers, electricians etc with one-off payment of N30,000 to each of them.

READ ALSO  ‘Elections were fundamentally fair, its outcome clear’ – Former US President George Bush

“The plan is also geared towards stimulating direct local production in the 36 States of the Federation and the FCT by enabling MSMEs in the production sector with funds to stimulate ‘post COVID lockdown; off-take products. Worthy of note is the fact that the programme is to save over 1,700,000 jobs and special focus will be given to 45% female owned MSMEs and 5% special needs owned MSMEs.”

Next Post

Gov. El-Rufai to install Ambassador Ahmad Nuhu Bamalli as Emir of Zazzau Monday

Sun Nov 8 , 2020
Post Views: 35 Governor Nasir El-Rufai will on Monday, 9th November, 2020 install the 19th Emir of Zazzau, Ambassador Ahmad Nuhu Bamalli. A statement from the Kaduna State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Ja’afaru Sani, said the Central Working Committee for the installation of the 19th Emir […]
Change Language