A new batch of 146,065 successful beneficiaries from 28 States has started receiving payment of N30,000 each (per month), under the Payroll Support Track. Each beneficiary will be paid for 3 months = N90,000
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This brings the total number of beneficiaries so far under the Payroll support scheme of the @SurvivalFund_ng nationwide to 465,820.
The MSME Survival Fund, a component under the Buhari Administration’s Economic Sustainability Plan (ESP) is designed to support vulnerable Micro Small and Medium Enterprises (MSMEs) in meeting their payroll obligations and to safeguard jobs in the MSMEs sector.
READ MORE: 464,820 applicants have benefited from Survival Fund Payroll System
The scheme is estimated to save not less than 1.3 million jobs across the country and specifically impact over 35,000 individuals per state.
The ESP was approved by President Buhari on June 24, 2020, as an N2.3 trillion stimulus plan to mitigate the socio-economic effects of the COVID-19 pandemic on Nigerians.
The Plan was developed by the Economic Sustainability Committee chaired by Vice President @ProfOsinbajo, who the President also asked to lead its implementation.
Under the Survival Fund General MSME Grants track — a one-off grant of N50,000 to each qualified MSME as direct cash injection — 46,117 successful beneficiaries in the Federal Capital Territory (FCT) and 36 States have now started receiving their payments.
READ MORE: Survival Fund Payroll System begin Disbursement of Funds
This total makes up 50 per cent of the required disbursement per State, for the General MSME grants track. Another batch that completes the target is forthcoming.