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.
SURVIVAL FUND BENEFICIARIES WILL BE EVENLY DISTRIBUTED ACROSS STATES
*Lagos, Kano & Abia get marginal increase
*13, 000 beneficiaries for 3 months Payroll Support per state
*2,640 for N50, 000 MSME Grant per state
*6,606 for free CAC company registration per state…
— Laolu Akande (@akandeoj) November 8, 2020
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.
- 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.
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.
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
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.
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.
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.
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.
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.
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.”
“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.
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.’’
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.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.