The Federal Government has announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The survival fund includes payroll support for three months, and guaranteed off-take scheme among others, all under the National Economic Sustainability Plan (NESP).

President Yemi Osinbajo, who also heads the Economic Sustainability Committee, disclosed this at the 2020 edition of the Micro MSMEs Awards which held via video conference

Speaking during the virtual conference, Osinbajo noted that the plan had been approved by the President and the Federal Executive Council to help small businesses pull through these challenging times.

“In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses.

“The guaranteed off-take scheme seeks to provide support for MSMEs, manufacturing local products by guaranteeing the purchase from them of qualifying products such as face masks, hand sanitisers, Personal Protective Equipment (PPE) for medical workers among others” he noted.

These products will then be distributed to Nigerians, institutions, and entities that need them.

The provisions of the recently signed Finance Act also provides for “graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies” he added

Criteria

To benefit from the scheme, MSMEs would have to go through a rigorous and painstaking verification process which will be based on certain criteria.

MSMEs that have between 10 to 50 staffs are qualified for this fund. The businesses must make their payroll available to the government for verification while applying for the fund. Once qualified, the MSMEs will be eligible to have their staff salary paid directly from the fund for 3 months.

Continue reading at... https://www.sme360.ng/2020/08/01/msmefg-rolls-out-criterias-for-n2-3-trillion-survival-funds-for-msmes/

Our government is looking for all angles to make life easier for the populace, this is another area to help MSMEs

Government has been proactive when it comes to ease of doing business in Nigeria. Giving this kind of assistance for the MSMEs shows the level of encouragement that this administration have for the youths.

The moment I am waiting for is near. I just can't thank osinbajo enough for his gesture towards us the business owners.

This administration has been supporting MSMEs and providing lots of palliatives before and during this pandemic. The Osinbajo-led ESC also included measures to help MSMEs bounce back to their feet.

MSMEs is here to stay

Here is another opportunity for our MSMEs to strive

The Drive to improve the business environment for the MSMEs by this Government is very impressive

This is another opportunity for our MSMEs to save their business