Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

MSME

Survival Fund: FG assures Nigerians that beneficiaries will be evenly distributed across states

The Presidency has disclosed that the Survival Fund beneficiaries will be evenly distributed across the states of the country.

Published

on

Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Mr. Laolu Akande, the Senior Special Assistant for Media and Publicity to the Vice President, Prof. Yemi Osinbajo, has disclosed that the Survival Fund beneficiaries will be evenly distributed across the states of the country.

This disclosure was made today by Laolu Akande, in a tweet via his official Twitter handle.

According to his statement, Mr. Akande said the beneficiaries of the Survival Fund will be evenly distributed across states in the country, while Lagos, Kano, and Abia States will get a marginal increase in beneficiaries allotted to them.

Highlights

  • 13,000 beneficiaries have been enrolled for Payroll Support per state in three months
  • 2,640 beneficiaries have been enrolled for N50,000 MSME Grant per state.
  • 6,606 businesses per state will benefit from the free CAC company registration per state.
  • 9,009 beneficiaries per state will get N30,000 Artisan & Transport Grant.
  • 2,640 individuals are billed for Guaranteed Off-take Scheme per state.

He concluded that the Economic Sustainability Plan (ESP) is in progress, and Nigerians should look out for more information from the Buhari administration and urged them to take advantage now.

What you should know

Nairametrics reported 2 weeks ago that the Federal Government has commenced the disbursement of N30,000 one-time grant to 330,000 artisans across the country.

Hotflex
Sigma Pensions

The grant under the MSME Survival Fund, is part of the Nigerian Economic Sustainability Plan initiated by the FG on the 1st of July, 2020 to assist citizens and businesses operating in Nigeria.

british airways

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

5 Comments

5 Comments

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business News

    TLG Capital and Fidelity Bank to invest $20 million on Nigerian SMEs

    TLG Capital announced that it would be investing with Fidelity Bank Plc amount to the tune of $20 million on SMEs in Nigeria

    Published

    on

    Entrepreneur, Multiple businesses, Nigeria partners UAE to boost SMEs , US technology company deploys software to ease business process in Nigeria, Experts outline what SMEs must do to attract funding, investors in 2020 , Simple ways to prioritize customer service for your small business, What was SMEs must do to survive the coronavirus outbreak , What was SMEs must do to survive the coronavirus outbreak, FG rolls out N2.3 trillion survival funds for MSMEs; see criteria 

    Private Equity firm, TLG Capital has announced that it would be investing together with Fidelity Bank Plc, an amount to the tune of $20 million on SMEs in Nigeria.

    The funds will be channelled through TLG’s Africa Growth Impact Fund (ADIF), towards the development of SMEs in the country. Notably, the fund will be directed to SMEs that are focused on healthcare, education, consumer sectors, amongst others.

    This new investment is in line with the bank’s move to provide innovative funding options and other forms of relevant support to entrepreneurs in the country.

    READ: Investors react to Fidelity’s bond listing, as it gains N1.74 billion

    What you need to know

    • Fidelity Bank Plc is a commercial bank in Nigeria with over 5 million customers, serviced across its 250 business offices and other digital banking channels.
    • According to information from the website of TLG Capital, a total of $303 million loans was still outstanding to SMEs and the unbanked through its portfolio companies.

    READ: Bank sell-off triggers bearish move in the S&P 500 index 

    Why this matters

    This new investment will come as good news to SMEs and other entrepreneurs in the country, especially those seeking to obtain loans in the listed sectors.

    Continue Reading

    Business

    FG to set up micro, small and medium enterprises in 774 LGAs

    The FG has disclosed plans to establish micro-enterprises in the 774 Local Government Areas (LGA) across the country.

    Published

    on

    George Akume

    The Federal Government has said that it plans to establish micro-enterprises in the 774 Local Government Areas (LGAs) across the country to help create jobs and ensure improvement in the well-being of the local populace.

    This disclosure was made by the Minister of Special Duties and Inter-Governmental Affairs, Dr George Akume, at the Association of Local Governments of Nigeria (ALGON) General Assembly with the Theme: Strategic Positioning for the Future: A New Era, on Wednesday in Abuja.

    Akume, who was represented by the Deputy Director, Office of the Minister, Mr Simon Tyungu, said that the establishment of the micro-enterprises was conceived to cushion the effect of the current economic situation.

    READ: Why e-commerce platforms are struggling to capture Nigerian population

    What the Minister for Special Duties and Inter-Governmental Affairs is saying

    Akume said, “As a ministry, we have proposed the establishment of Micro, Small and Medium enterprises in the 774 local governments in Nigeria based on economic corridors. We believe that this will create jobs and ensure improvement in the well-being of the local populace.’

    Akume also applauded the role played by ALGON during the COVID-19 pandemic in bringing relief to the people at the grassroots despite their limited resources.

    The Minister said, “The administration of President Muhammadu Buhari has taken some bold steps to reposition the local government administration such as granting of local government autonomy and enforcement of democratically-elected local government councils by the states.”

    READ: EdTech startup Kabakoo receives funding from Zoom, launches first no-code training in Africa

    Hotflex
    Sigma Pensions

    “This is a clear demonstration of political will by Mr President. The COVID-19 pandemic that has ravaged the entire country in 2020 was felt more in our local communities. The leadership of ALGON contributed in no small measure, particularly on stimulus packages and advocacy, notwithstanding your financial limitations,’’ he said.

    The minister said the Federal Government recognized the fact that people could be reached through the local government area councils and then put some measures in place.

    british airways

    Going further he said, “The Federal Government in its wisdom then realised that the local government area councils are the veritable vessels through which the dividend of democracy will reach the vulnerable indigent citizens.

    “Mr President (of ALGON), I urge you to take advantage of this initiative and key into President Muhammadu Buhari’s resolve to lead 100 million Nigerians out of poverty in the next 10 years. The Federal Government is favourably disposed to attaining this developmental goal.’’

    READ: FG earns N28.6 trillion from VAT, others 

    Stanbic 728 x 90

    Speaking at the occasion, the ALGON National President, Dr Kolade Alabi, said that ALGON’s general assembly seeks devolution of powers, both financial and administrative, with concomitant fiscal devolution. He said that this is in addition to the request for complete autonomy for local government area councils for effective administration and service delivery to the people noting that such would require the review of the 1999 constitution as relates to local government administration and uniform tenure of the 4-year term for local government administration among others.

    What this means

    The establishment of such micro-enterprises by the Federal Government will create jobs especially among the unemployed youths and help to boost the economy. This is as the nation tries to recover from the impact of the coronavirus pandemic on the economy, businesses and households.

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.