FG Launches N75 Billion Fund To Support Self-Employed Nigerians

The Federal government has on Thursday, September 10 launched the Micro, Small and Medium Enterprises, MSME Survival fund.

Bashir Ahmed, the Personal Assistant on New Media to President Muhammadu Buhari stated that the initiative is part of the Nigeria Economic Sustainability Plan stimulus programme.

According to Bashir, the N75 billion MSME Survival Fund was launched to support self-employed persons and MSMEs across Nigeria.

He added that the Fund is a key component of President Buhari’s 2.3 Trillion Naira Nigeria Economic Sustainability Plan (NESP).

It was gathered that the Survival Fund which is designed to aid Nigerian MSMEs in surviving the shock of COVID-19 and the adverse effect of the economy comprised of a Payroll Support, Formalisation Support, General Grant, Artisan/Transport Support and Guaranteed Offtake Scheme.

Earlier, Tolu Ogunlesi, the Special Assistant to President Buhari on Digital and New Media said the fund will include a Payroll Support scheme that will pay up to N50,000 monthly per qualifying and selected beneficiary.

He added that the Fund was part of the issues discussed during the first Year Ministerial Performance Review Retreat presided over by the Vice President, Professor Yemi Osinbajo at the State House on Monday, September 7.

He, however, added that 34 projects have been funded with 37 billion naira disbursed while N191 billion have been disbursed out of the 1 trillion Naira Fund for manufacturing.