N75bn survival fund: Lagos, Kano, Abia to get more beneficiaries than other states

The federal government has said Lagos, Kano, and Abia states will get more beneficiaries than any other state and federal capital territory (FCT) from the N75 billion micro, small and medium enterprises (MSME) survival fund.

This was contained in an updated report by the federal government on the implementation of the survival fund scheme on Sunday.

Confirming the report, Laolu Akande, senior special assistant to the vice president on media and publicity, explained that Lagos, Kano, and Abia states had more MSMEs activities than in the remaining states.

According to the report, Lagos will get 25,000 beneficiaries; Kano, 17,000; Abia, 16,000; while other states will get 13,000 each for payroll support.

For MSME grants, Lagos is to get 3,880; Kano, 3,280; Abia, 3,080; while other states get 2,640 each.

For free Corporate Affairs Commission (CAC) registration, Lagos is to get 9,084 beneficiaries; Kano, 8,406; Abia, 7, 906; while other states get 6,606 each.

The 36 states and FCT will get 9,009 beneficiaries for artisan and transport grant.

For the guaranteed off-take stimulus scheme, Lagos will get 3,880; Kano, 3,280; Abia, 3,080 and other states get 12,640 each.

On the ongoing disbursement of grants under the artisans track, in the first set of states, the report indicates that 66 percent of registered beneficiaries are male artisans while 34 percent are female artisans.

It said the federal government’s intention, under the scheme, is to augment the payroll obligations of businesses in health, production, education, hospitality, and food production sectors.

According to the report, the scheme aims to provide N50,000 grants to an additional eligible 100,000 MSMEs; register 250,000 new businesses with CAC at no cost to MSMEs, and support self-employed individuals with a one-off payment of N30,000 to each of them.

“Worthy of note is the fact that the programme is to save over 1,700,000 jobs and special focus will be given to 45 percent female-owned MSMEs and 5 percent special needs owned MSMEs,” the report read.

The N75 billion survival fund, a scheme under the economic sustainability plan (ESP), was established as part of the federal government’s effort to cushion the effects of the COVID-19 pandemic on the economy.