Updates on MSME Survival Fund Payments for 2022–2023

Updates on MSME Survival Fund Payments for 2022–2023

FG distributes N66 billion to MSME Survival Fund recipients

The MSME Survival Fund and Guaranteed Off-Take Scheme has provided a total of N66 billion in direct payments to 1.26 million beneficiaries, according to information released by Mrs. Maryam Katagum, Minister of Industry, Trade, and Investment, yesterday. Those who have gone through the Corporate Affairs Commission are among the beneficiaries (CAC).

According to the minister, 2% of those who benefited from the program were people with special needs, while 38% of those who benefited were women.

A program of the Federal Government known as the MSME Survival Fund and Guaranteed Off-Take Scheme is a part of the Nigeria Economic Stabilization Plan (NESP), which was introduced in September 2020 to address the issues brought on by the COVID-19 pandemic. The Nigeria Economic Stabilization Plan includes a program of the federal government called the MSME Survival Fund and Guaranteed Off-Take Scheme (NESP).

The N75 billion intervention would be added to the N2.3 trillion Nigerian Emergency Support Programme (NESP) that is currently being executed by the government of President Muhammadu Buhari to help lessen the effects of the pandemic with the aim of strengthening the economy by saving existing jobs.

Speaking at the MSME Survival Fund and Guaranteed Off-Take Beneficiary Townhall Meeting in Abuja, Katagum said that the events’ goals were to showcase the program’s successes nationwide and to solicit input from beneficiaries on all of the program’s tracks. The town hall events were held to showcase the program’s successes across the nation.

He continued by saying that the simultaneous gathering meetings held in Lagos (in the South-West), Kano (in the North-West), Bauchi (in the North-East), Enugu (in the South-East), and Edo (in the South-South) would also act as a platform for informing the general public about the advantages of the federal government’s intervention.

The program was expected to directly incorporate 100,000 micro, small, and medium-sized firms (MSMEs) in the manufacturing sector alone and to protect at least 1.3 million employment, according to the minister.

The program has set a specific target of 45% for micro, small, and medium-sized enterprises (MSMEs) owned by women and 5% by people with special needs. The plan’s intended beneficiaries were thought to be independent contractors and Voice of Nigeria-registered proprietors of micro and small businesses.

However, the minister did recognize that there were challenges experienced when implementing the scheme.

He said, “Many of them first lacked faith in the process because it required acquiring the beneficiaries’ details, including their BVN. All of the aforementioned is closely related to Nigerians’ early hostility toward government involvement plans because they believed they would benefit from the scheme. because awareness is required.

The program was vulnerable to Internet scammers’ attempts to infiltrate it since there was a strong emphasis on the use of information communication technology for transparency and traceability.

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