Survival fund: FG says it has disbursed N56 billion to MSMEs

The Federal Government has announced it has disbursed the sum of N56.8 billion to 835,161 beneficiaries under the MSME Survival Fund scheme.

This was disclosed by Dr Evelyn Ngige, Permanent Secretary, Ministry of Industry, Trade and Investment, during the 13th meeting of the National Council on Industry, Trade and Investment on Monday in Ado-Ekiti, according to NAN.

The event was themed “Micro, Small and Medium Enterprises Development in Nigeria: The Roles of Stakeholders.’

What the Perm Sec is saying

Dr Ngige said, “On the N75 billion MSME Survival Fund, the programme has disbursed N8.80billion to 293,336 beneficiaries under the Artisan Support and Transport Scheme, N43.92 billion to 459,334 beneficiaries under the Payroll Support Scheme, and N4.12 billion to 82,491 beneficiaries under the MSME Grant Scheme.

“In total, the sum of N56.84 billion has been disbursed to 835,161 beneficiaries under the MSME Survival Fund scheme.”

She also disclosed the trade Ministry had commenced activation of six private sector-led Special Economic Zones (SEZ) of Lekki, Enyimba, Funtua, lbom, Kano and Benue, through partnership with the Nigeria Export Processing Zones Authority to ensure the Authority delivers the establishment of three SEZs in 2022.

She said that in line with the Presidential directive for the establishment of at least one Agro-Processing Zone in each of the 109 Senatorial Zones, the Ministry has commenced the process of collecting agro-commodities data in 16 states. She also stated that the 16 states that will benefit in the first phase of the programme include Ebonyi, Plateau, Edo, Jigawa Ondo, Gombe, Abia, Benue, Osun, Sokoto, Zamfara, Enugu, Ekiti, Bauchi, Kebbi and Bayelsa.

She also revealed that the Ministry is ensuring credit access to 10 million MSMEs at a single-digit rate. In the implementation of this strategic pillar of the Federal Government to reduce the rate of unemployment in the country, the Ministry, through the Bank of Industry (BOI), has disbursed N15 billion to 863 MSME businesses across several sectors

In case you missed it

Nairametrics reported last month that the Federal Government raised an alarm over fraudulent messages being circulated over the purported payment of N80, 000 to beneficiaries of the Survival Fund Scheme.

In its warning to the general public, the government maintained that the amount given to beneficiaries remain N30,000 and N50,000 for Payroll Support; N30,000 for Artisans and Transport Grants; N50,000 for the General MSMEs Grant; and N100,000 per MSME for the guaranteed off-take stimulus scheme.


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