Lagos, Abia and Kano will get a larger share of the N75bn survival fund-Presidency
By Modupe Shodeinde
The Presidency in an updated Federal Government report on the implementation of the Survival Fund scheme has confirmed that Lagos, Kano and Abia would get more share of the N75 billion MSMEs Survival Fund.
In the report, no fewer than 149,720 Nigerians are to benefit from the N75 billion Micro, Small and Medium Enterprises (MSMEs) Survival Fund, with 60,000 beneficaries from Lagos, Kano and Abia.
Other states and the Federal Capital Territory (FCT) are to have 89,720 beneficiaries of the fund.
Presidential spokesman, Mr Laolu Akande confirmed that this distribution was because of the larger presence of MSMEs activities in the states than the rest.
He stated that the three states were separated from the others in the distribution of slots for beneficiaries because of their special status in the MSMEs space, having a larger concentration of small businesses in the country.
According to the report, the Steering Committee, headed by the Minister of State for Industry, Trade and Investment, Mariam Katagum, is working to ensure a smooth implementation of the scheme.
The distribution procedure for the five tracks under the Survival Fund shows that for Payroll Support- Lagos gets 25, 000 beneficiaries; Kano, 17,000; Abia, 16, 000; other states 13, 000 each.
General MSME Grants- Lagos, 3, 880; Kano, 3,280; Abia, 3,080; other states, 2,640 each.
Free CAC registration – Lagos, 9,084; Kano, 8,406; Abia, 7,906; other states 6,606 each.
Artisan and Transport grants – 36 states and FCT, 9,009.
Guaranteed Off-taker Stimulus Scheme (MSMEs) – Lagos, 3,880; Kano, 3,280;Abia, 3,080 and other states 12,640 each.
The government report allayed fears of marginalization of states in the distribution of slots for the five tracks of the Survival Fund.
The report stated that the one of the aim of the government is to stimulate direct local production in the 36 states of the Federation and the FCT by enabling MSMEs in the production sector with funds to stimulate ‘post-COVID lockdown’ off-take products.
Also, to save over 1,700,000 jobs and give special focus to 45% female-owned MSMEs and 5% special needs owned MSMEs.
The Survival Fund is a scheme in the Economic Sustainability Plan’s (ESP) drawn by the President Muhammadu Buhari-led administration and coordinated by the Vice President, Professor Yemi Osinbajo (SAN) as part of efforts to cushion the harsh effects of the Novel Coronavirus (COVID-19) Pandemic outbreak.
