FG Begins N75bn Support Fund Disbursement This Week

Beginning from this week, the Federal Government will start paying grants to Micro, Small and Medium Enterprises that are successful to partake in the N75bn COVID-19 support schemes.

On September 10, 2020, the Federal Government inaugurated two schemes to financially support about 1.7 million MSMEs across the country with N75bn.

The schemes are the National MSME Survival Fund and the Guaranteed Off-take Stimulus Schemes under the Nigeria Economic Sustainability Plan.

The Special Assistant to the President on MSMEs, Office of the Vice President, who doubles as Project Coordinator, Survival Funds Scheme, Tola Adekunle, said in Abuja that payments to some beneficiaries of schemes would start this week.

He explained that payroll support, which was categorised under the survival fund, targets businesses that employ between 10 and 50 people.

Adekunle said the portal was shut on October 15 but noted that a number of states had not met their quotas and this had created room for an extension.

He said the number of states that had met the quotas were slightly below 20 in number, adding that this led to the strong demand for an extension.

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