Vice-President Prof. Yemi Osinbajo has disclosed that over 300,000 Nigerians have already benefited from the Payroll Support Program for MSMEs and Artisan Grant variants of the Survival Fund.
He made this disclosure in his statement while speaking at the Survival Fund Steering Committee meeting, organized to track and also review the progress being made under the program since the Federal Government commenced payments.
Vice President @ProfOsinbajo joined The @SurvivalFund_ng Steering Committee meeting on Tuesday Dec 22, 2020, to review the progress being made. More than 300,000 Nigerians have already benefited from the Payroll Support and Artisan Grant components of the Fund. #IGotSurvivalFund pic.twitter.com/JzPD6cqz0J
— Presidency Nigeria (@NGRPresident) December 24, 2020
He revealed that this is necessary as the Survival Fund was established to support and protect small businesses from potential vulnerabilities brought about by the COVID-19 pandemic.
Osinbajo revealed that Payments for the Federal Government’s Survival funds are ongoing, and assured that verified applicants of the program who have not been paid would surely be paid in due time.
Why this matters
The survival fund program is expected to put the income of vulnerable artisans, micro and small enterprises and their employees on a path of growth and resilience in a bid to ward off the economic disruptions of the Covid-19 pandemic.
The Payroll support programme will also help to cushion the loss of jobs and sustain means of livelihoods of individuals and employees, as the programme seeks to cover the inability of MSMEs to pay workers salary, owing to the massive disruptions from the COVID-19 pandemic.
What you should know
- On December 8th 2020, the Federal Government of Nigeria revealed that it paid 59,000 artisan beneficiaries across 24 states in Nigeria under the Federal Government Survival Fund.
- In a subsequent report on December 11th 2020, Nairametrics revealed that 238,868 individual beneficiaries, employed by 41,726 MSMEs across the country have so far benefited from the Payroll Support Program of the Federal Government.