The Presidency has said that 101,567 persons drawn from 16,250 businesses have benefited from the Federal Government’s Payroll Support Program. In a statement made available to newsmen yesterday by a Senior Special Adviser to the President in the office of the Vice President, Laolu Akande, the payment was made in the course of the implementation of the government’s Economic Sustainability Plan, (ESP) program.
The scheme, he said, was in furtherance of the President Muhammadu Buhari administration’s commitment to supporting small businesses to cushion the economic effects of the COVID- 19 pandemic under the MSME Survival Fund.
The MSME Survival Fund, a component under the ESP, was designed to support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector. Akande said the scheme targets 500,000 beneficiaries with payment of up to N50,000 per employee during the duration of three months, starting from October.
It would be recalled that registration for the Payroll Support had commenced on Monday, 21st September, for different categories of MSMEs – education, hospitalityandother sectors (general); and ended on the 15th of 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 three persons with proof of monthly salary payment and must be owned by a Nigerian in Nigeria.
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,” he said.