Up to 101,567 employees of micro, small and medium enterprises have so far received payment under the Federal Government’s payroll support scheme.
The Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), Laolu Akande, disclosed this in a statement on Wednesday.
The payroll support scheme is under the MSME Survival Fund, a component of the Economic Sustainability Plan.
The Federal Government has set aside N2.3 trillion for the implementation of its Economic Sustainability Plan (ESP) to support businesses in the country affected by the COVID-19 pandemic which led to the shut down of the economy for several months.
Akande stated that the Buhari Administration has commenced payment to beneficiaries of the payroll support scheme track under the MSME Survival Fund.
“So far, 101,567 verified employees drawn from 16,250 businesses have received their first monthly payment from the Survival Fund’s Payroll Support Scheme, which is designed to support vulnerable MSMEs in meeting their payroll obligations by paying the salaries of their staff for a period of three months.
“Verification is still ongoing as the payroll support scheme targets supporting 500,000 vulnerable MSMEs in meeting their payroll obligations of up to N50,000 per employee during the duration of 3 months, starting from October.
“The requirements needed for the application include: the employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC; must have a BVN; the business have a staff strength of at least 3 persons with proof of monthly salary payment and must be owned by a Nigerian in Nigeria,” said the vice president spokesman.
Akande confirmed that all successful applicants had received SMS and email verification with a list of requirements for the second stage of application, while applicants/businesses were required to upload their details and documents supporting their applications for verification.
The government had on September 21, 2020, commenced registration for the Payroll Support for different categories of MSMEs – education, hospitality and other sectors (general) which ended on October 15.
The commencement of payment for beneficiaries of the survival fund payroll support followed that of the ongoing N30,000 one-time grant payment to artisans nationwide.
The payments are being made to sets of verified beneficiaries of the Artisan Support Scheme, a track under the MSMEs Survival Fund.
The Artisans’ scheme is paying one-time grants of N30,000 to a total of 333,000 beneficiaries across the country.
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