FG Commences Payment Of 500K To Beneficiaries Of ESP Survival Fund, See When

Federal Government is set to begin paying 500,000 to beneficiaries of the ESP Survival Fund this week.

As the implementation of its Economic Sustainability Plan (ESP) continues, and in furtherance of its commitment to support small businesses to cushion the economic effects of the COVID-19 pandemic, the Buhari administration has commenced payment to beneficiaries of the payroll support scheme track under the MSME Survival Fund.

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OnyxNews Nigeria gathered that the federal government will start paying N50,000 to each of these individuals.

Other beneficiaries of its Economic Sustainability Plan (ESP) Survival Fund, which will benefit approximately 500,000 Nigerians.

The MSME Survival Fund, a component under the ESP, is generally designed to, among other things, support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector.

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According to vice president of media assistant Laolu Akande, 319,755 Nigerians used the Payroll Support route and 265,425 the Artisan and Transportation Support route.

Of the 265,425 beneficiaries, 118,581 are on the Artisan road and 146,844 on the Transport road.

He stated that the wage support program aims to help 500,000 beneficiaries pay up to 50,000 N50 per employee over three months.

He explained that the MSME Survival Fund is part of Nigeria’s Economic Sustainability Plan (NESP) and is designed to help vulnerable micro, small and medium-sized enterprises (MSMEs) meet their wage obligations and preserve jobs in the MSME sector.

In addition, Akande said in a press release:

“The general MSME scholarship is a one-time payment of N50,000 for each qualified MSME. This trail benefits more than 100,000 people across the United States.

Similarly, the Craftsman Support Scheme will provide a one-off grant of N30 000 to 333 000 to craftsmen and transport business operators across the country to mitigate the effects of the loss of revenue due to the COVID-19 pandemic.

“Applications for the guaranteed removal incentive scheme are currently being processed and the start date of this route will be announced later.

The guaranteed release incentive scheme aims to protect and maintain the income of vulnerable micro and small enterprises by guaranteeing the sale of their products. In total, 100,000 micro and small enterprises will benefit from this program.

President Muhammad Buhari in 2020 June 24 Approved the Economic Sustainability Plan (ESP). The ESP is an N2.3 trillion stimulus package designed to mitigate the socio-economic impact of the COVID-19 pandemic. The plan was prepared by the Economic Sustainability Committee, led by Vice President Yemi Osinbayo.