- The Buhari administration is known for giving out grants to vulnerable Nigerians
- The initiative was taken to a new level after the nationwide lockdown informed by the outbreak of coronavirus globally
- A look at the major grant schemes indicate a pattern of targeting specific groups who need financial help
As the global economy continues to grapple with the effects of COVID-19 lockdown, governments in all parts of the world have been adopting various means to reach out to the vulnerable segments of their citizenry.
In Nigeria, the story is not different as the federal government has adopted issuing grants to citizens affected by the lockdown.
Grants are non-repayable funds or products disbursed to a recipient, often (but not always) a nonprofit entity, educational institution, business, or an individual.
Named The Survival Fund, it is a Buhari administration initiative comprising a cluster of grants intended to support vulnerable micro and small enterprises in meeting their payroll obligations and to safeguard jobs within the MSMEs space from the shock of the COVID-19 pandemic.
The grants are as follows:
1. PAYROLL SUPPORT
It will pay the salaries of up to 500,000 employees of MSMEs for 3 months.
2. MSME GRANTS
It will give N50,000 grants to 100,000 MSMEs.
3. BUSINESS REGISTRATION
It will register 250,000 new businesses with the Corporate Affairs Commission (CAC) at no cost to the MSMEs. 100,000 businesses already registered/formalized.
4. ARTISAN AND TRANSPORT GRANTS
It has already made One-off Payments of N30,000 to more than 90,000 artisans nationwide, and will soon commence payments to transport sector workers.
5. GUARANTEED OFFTAKE STIMULUS SCHEME
It will protect and sustain the income of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products like face masks, hand sanitizer, liquid soap, disinfectant, and processed foods.
In a related development, Vice President Yemi Osinbajo (SAN) has said that the Buhari administration’s vision to lift at least 20 million Nigerians out of poverty in the next two years is now close at hand.
Professor Osinbajo stated this on Tuesday, January 19 in Abuja during the virtual flag-off of a cash transfer scheme initiated by the federal government, adding that the programme will help the government achieve its aspiration.
Meanwhile, the federal government has assured Nigerians that the COVID-19 vaccines will arrive the country before the end of the first quarter of 2021.
This was disclosed by Dr. Mukhtar Muhammad, the national incident manager of the Presidential Task Force on COVID-19.