ESP Survival Fund Latest Update: The Federal Government will begin paying N50,000 to each of the victims this week.
the other recipients of its Economic Sustainability Plan (ESP Survival Fund), which will support 500,000 Nigerians.
This is in addition to President Muhammadu Buhari’s support for small businesses during the COVID-19 pandemic, which included the ESP Survival Fund’s Payroll Support Track and a one-time General MSME Grant.
In a statement released on Sunday, the Vice President’s Media Assistant, Laolu Akande, said that 319,755 Nigerians benefited from the Payroll Support track, while 265,425 Nigerians benefited from the Artisan and Transport Support track.
There are 118,581 beneficiaries on the Artisan support track and 146,844 beneficiaries on the Transport track, out of a total of 265,425 beneficiaries.
According to him, the payroll support track aims to assist 500,000 beneficiaries with a three-month payment of up to N50,000 per employee.
He explained that the MSME Survival Fund is a component of the Nigerian Economic Sustainability Plan, or NESP, and is structured to assist vulnerable Micro, Small, and Medium Enterprises (MSMEs) in meeting their payroll obligations and preserving employment in the MSMEs sector.
In the press release, Akande added:
“The General MSME Grant is a one-time grant of N50,000 to each eligible MSME as a direct cash infusion into their company. This track has a total of 100,000 beneficiaries spread across the United States.
In a similar way, the Artisan Support scheme will include a one-time operations grant of N30,000 per beneficiary to a total of 333,000 artisans and transport business operators across the country in order to mitigate the impact of income loss due to the COVID-19 pandemic.
“Applications for the Guaranteed Off take Stimulus Scheme are still being processed, and the start date for this track will be revealed at a later date.
By guaranteeing the offtake of their goods, the Guaranteed Off-take Stimulus Scheme aims to protect and maintain the incomes of vulnerable Micro and Small Enterprises. The programme is expected to help 100,000 micro and small businesses.
“President Muhammadu Buhari approved the Economic Sustainability Plan (ESP) on June 24, 2020, as a N2.3 trillion stimulus plan to alleviate the socio-economic impact of the COVID-19 pandemic. The Economic Sustainability Committee, chaired by Vice President Yemi Osinbajo, created the plan.”
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