FG: 1.2m Nigerians Benefitted From N66bn MSME Survival Fund

FG: 1.2m Nigerians Benefitted From N66bn MSME Survival Fund

  • The federal government of Nigeria on Tuesday, August 2 revealed that it has disbursed N66 billion in survival funds to 1.2 million Nigerians
  • According to the Minister of State for Industry, Trade, and Investment, disbursing the funds came with a few challenges
  • Meanwhile, beneficiaries lauded the initiative urging the federal government to remain consistent

FCT, Abuja - The federal government of Nigeria has announced that over 1.2 million Nigerians under the Micro Small and Medium Enterprises (MSMEs) benefitted from the earmarked N66 billion survival funds.

This announcement was made by the Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum on Tuesday, August 2 at the Nicon Luxury Conference Hall in Abuja.

Survival Fund
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum on Tuesday, August 2 issued a certificate of commendation to beneficiaries in Abuja. Photo: Segun Adeyemi
Source: Original

As gathered by our Legit.ng regional correspondent, the event was a town hall convergence with beneficiaries of the scheme.

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While reeling out the statistics at the convergence, the minister, Amb. Katagum said:

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"The implementation of the Survival Fund across the five tracks yielded positive results. The tracks are the Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme, General MSME Grants Scheme, and Guaranteed Offtake Scheme.
"The sum of N66,000,020,000.00 directly to 1,258,183 beneficiaries (including those registered by CAC). We have also reached 38% females, and 2% with special needs."

FG rolls out challenges disbursing survival fund

She however noted that disbursing the survival funds didn't come without its own challenges.

Amb Katagum stated that there were issues of initial lack of by the beneficiaries as it required obtaining their details, including BVN.

She also stated that there were also instances of multiple applications using forged documentation, fake beneficiaries, and attempts to bribe officials to bypass the processes.

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She said:

"Under the Guaranteed Offtake Scheme, 19,928 beneficiaries failed to deliver their items after receiving the 30% mobilization fee, thereby breaching their contract with the Federal Government.

"At the national level, we had some deviant cases (a total of 19,928), where MSMEs that were paid the initial mobilization of 30% for GOS failed to supply the items; thereby negating the bonds they signed with the Federal Government."

Beneficiaries laud FG, appeal for continuation of survival fund scheme

Meanwhile some of the beneficiaries who spoke to Legit.ng described the disbursement of the survival funds as a laudable initiative that they will want the federal government to be consistent with instead of making it a one-off initiative.

The FCT spokesperson of the Amalgamated Commercial Tricycle and Motorcycle Owners, Repairers and Riders Association of Nigeria (ACOMORAN), Uzor Stanley Azuka, a beneficiary of the survival fund said:

"We really appreciate the federal government, most of our members got the money and it is a good thing for we okada riders and keke riders to benefit from the government. This is because this is the only time that the government remembered us and we really appreciate it. If they can continue like this, all our members will be happy."

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When asked how many persons benefited from the survival in his association in FCT, Azuka revealed that at least 100 members of ACOMORAN in FCT got N30,000 each.

Similarly, another beneficiary, Adeniyi Osunsanya who represents the National Association of Road Transport Owners (NARTO) said:

"We are glad that the government is rolling out this palliative to our drivers and some of our members and we have seen that the government is trying to create an enabling environment to see how people can benefit from what is going on in the economy.
"This is a very laudable project and we want them to continue to roll out this palliative to members as it will boost their morale and they have been giving us feedback that they appreciate what the government is doing and that they should do more."

Osunsanya, however, appealed to the government to help reconstruct motorable roads for drivers who are always on the highway every now and then.

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Survival Fund: Lagos, Kano tops FG's beneficiaries list

Legit.ng in an earlier report recalled that Lagos state and Kano states would benefit more from the federal government's survival fund scheme.

This development was made known by the Minister of State for Industry, Trade and Investment, Mariam Katagum, and confirmed by the special assistant to Vice-President Yemi Osinbajo.

Katagum hinted further that each state would soon receive a minimum of N1.7bn cumulative from all the schemes.

Source: Legit.ng

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