FG To Pay 433,000 Nigerians, Businesses N50,000, N30,000 Each

President Muhammadu Buhari‘s Special Assistant on Micro Small and Medium Enterprises, Tola Johnson, has revealed that 100,000 small businesses will get N50,000 each.

Naija News understands that the decision is part of COVID-19 economic stimulus.

Johnson stated this at the inauguration of the Implementation of Survival Fund and Guaranteed Off-Take Stimulus Schemes for MSMEs on Thursday in Abuja.

The Presidential aide who happens to be the project coordinator noted that the schemes are part of the Economic Sustainability Plan drafted by Vice President Yemi Osinbajo-led committee and approved by President Muhammadu Buhari.

“The Payroll Support targets 100,000 businesses. However, the number of individuals who will benefit from this is 500,000. What the government has done is to say that there a lot of MSMEs that have been affected by the COVID-19 pandemic lockdown.”

“Afterward, there is a CAC (Corporate Affairs Commission) free registration; it is free for the MSMEs but the government is paying the CAC for this. What the government has done is to say to the CAC, you do this regularly to the MSMEs at about N12,000 or thereabout; give it to us at half price, we will give it to the MSMEs free.’’

Johnson added that under the National MSMEs Clinic, Osinbajo and the Minister of Industry, Trade and Investment went to no fewer than 26 states.

He said it was discovered that very creative businesses were not registered.

“They will tell you they don’t have N10,000 to N12,000 to register their businesses. The government had promised that at some point, we will do and I think the opportunity has come now; the opportunity cannot be better than now.’’

Johnson further stated that under the Survival Fund, the last strap would be the Transport and Artisans Support.

At least 333,000 beneficiaries will get a one-off N30,000 grant.

He added that the government will work with associations, individuals and the Ministry of Transportation to implement the scheme.