Скачать или смотреть President Buhari’s Financial Support For MSMEs In The Economic Sustainability Plan Is Very Robust

*Survival Fund including payroll support for three months, guaranteed off-take scheme and many others



As part of efforts to support small businesses in Nigeria to survive the effects of the COVID-19 pandemic, the Federal Government as planned in the Economic Sustainability Plan is now set to implement a number of schemes to keep MSMEs afloat, according to Vice President Yemi Osinbajo, SAN.



The Vice President stated this on Thursday at the 2020 edition of the Micro Small and Medium Enterprises (MSMEs) Awards which held via video conference.



According to Prof. Osinbajo, “I am glad to note that this year has been an exception despite the challenges posed by the COVID-19 pandemic.



“Locally, businesses are facing their most challenging time and the impact is particularly severe on MSMEs



“The central plank of our response as a government to the economic challenges posed by the COVID-19 pandemic has been the Economic Sustainability Plan recently approved by President Muhammadu Buhari and the Federal Executive Council.



“In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses.



“The guaranteed off-take scheme seeks to provide support for MSMEs, manufacturing local products by guaranteeing the purchase from them of qualifying products such as face masks, hand sanitisers, PPE for medical workers, etc.



“These products will be distributed to Nigerians, Nigerian institutions and entities that would require them.



“The survival fund will help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff. The MSMEs that qualify for these will make available their payroll for verification by the government.



“Companies that meet the requirements will then be eligible to have the salaries of their verified staff paid directly from the fund for a period of three months.”



Continuing on the MSMEs support scheme, Prof. Osinbajo said: “the target beneficiaries of this scheme will include private schools, hotels, road transport workers, creative industries and others.



“The verification process will be very rigorous and painstaking.



“In addition, we have a N200 billion fund which will be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas, aviation etc.



“This will be granted through a scheme jointly run by the Bank of Industry and Nigerian Export-Import (NEXIM) Bank, especially for export expansion.



“The CBN is also committed to creating a N100 billion target credit facility for MSMEs. Already the recently signed Finance Act already made provision for graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies.”



The Vice President added that the Federal Government will continue to implement similar focused MSME interventions around the country.




***************************




The official YouTube channel for Prof. Yemi Osinbajo, SAN, GCON

Oluyemi Oluleke Osinbajo is a Nigerian Lawyer and Politician who is the current Vice President of Nigeria, in office since 29 May 2015.

Follow Prof. Osinbajo online
Website: www.yemiosinbajo.ng
Facebook: Professor Yemi Osinbajo
Twitter: @profosinbajo
Instagram: @profosinbajo