Survival Fund: FG says it has disbursed N56.8 billion to over 1 million persons and businesses

The Federal Government has announced that it disbursed the sum of N56,842,780,000 to over 1,079,323 persons and businesses, including those registered under the Corporate Affairs Commission (CAC), under the off-take scheme of the Survival fund.

This was disclosed by Amb. Maryam Katagum, Minister of State, Industry Trade and Investment, and Chairperson, Survival Fund Steering Committee, on Tuesday in Abuja, according to the News Agency of Nigeria.

She added that the FG already flagged off its Guaranteed off-take project of the fund with 50,032 beneficiaries, in a bid to keep track of the government’s Micro Small and Medium Enterprises (MSMEs) Survival Fund scheme, stating that the FG had prepared for 100,000 beneficiaries, but that as at the time the portal closed, only 65,976 applications were received, of which 50,032 passed the pre-qualification test.

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What the Minister said

She said that the scheme was the last track of the government’s Micro Small and Medium Enterprises (MSMEs) Survival Fund scheme.

She said, “To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 including those registered under CAC.

“The last track of the MSME Survival Fund is the Guaranteed Off-take Scheme which we are here to officially flag-off today, building on the successes recorded in the implementation of the other tracks of the Scheme.

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

“The Federal Government is set to roll out the last component of the Survival Fund known as the Guaranteed Off-take Scheme (GOS).

“As you all know, the COVID-19 pandemic caused a drop in demand for corporate and household products and commodities in Nigeria just like it did in other parts of the world.

“It is in response to this that the Guaranteed Off-take scheme was conceived as part of the Federal Government’s interventions to assist small and growing businesses that were negatively affected by the pandemic.”

READ: FG to reopen MSME survival fund payroll support portal in 30 states

On other benefits of the fund, she listed:

• “Payroll Support Scheme, The FG’s initial target was to reach 500,000 beneficiaries. Our current standing is put at 459,334 beneficiaries, out of this number we have recorded 43 per cent female-owned businesses, she said.
• The Artisan and Transport Scheme had an initial target of 333,000 artisan and transport beneficiaries. Which currently stands at 293,336 successful beneficiaries across the 36 States and the FCT.
• The CAC Formalisation Support Scheme set out to register 250,000 new businesses and to date 244,162 small and growing enterprises have been successfully registered free of charge, across the 36 States and the FCT.
• General MSME Grants Scheme had its initial target set at 100,000 MSMEs and the FG successfully completed the provision of grants to a total of 82,491 till date.”