FG has shortlisted 70,000 Nigerian businesses from the 432,000 business that applied for the payroll support of the Federal Government’s Survival Fund Grant Scheme set to begin this week.
The Federal Government on 10th September, inaugurated two schemes to financially support about 1.7million MSMEs across the country with N75bn and stated it was accepting applications.
The survival fund includes payroll support for three months and guaranteed off-take scheme amongst others all under the Economic Sustainable Plan (NESP).
Report states that 432,000 businesses applied and 70,000 of these businesses where shortlisted and that many states did not meet their quota and plans are ongoing to seek an extension after the portal closed 8 days ago.
Tola Adekunle, The Special Assistant to the President of MSMEs, office of the Vice president, who doubles as project coordination survival funds scheme, on Monday, told journalists in Abuja that payments to beneficiaries of the scheme will be starting this week.
He added that they would be doing it in batches of 12 states so they can easily monitor the scheme and they hope they would be able to start payments in these 12 states by the end of the week.