Business & Loans

FG Begins Payment To Beneficiaries Of Economic Sustainability Plan Survival Fund

Published

4 years ago

April 28, 2021

FG Begins Payment To Beneficiaries Of Economic Sustainability Plan Survival Fund

The Buhari led administration has began the payment of 500k to beneficiaries of the Economic Sustainability Plan (ESP) for the continue commitment to support small businesses in order to buffer the economic effects of the COVID-19 pandemic.

Each chosen beneficiary will receive a whooping sum of N50,000 as the Economic Sustainability Plan (ESP) Survival Fund money is distributed within 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.

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, chaired by Vice President Yemi Osinbayo.