N50K Covid -19 Stimulus Package : FG Vows To Continue Where It Stopped

The Federal Government will continue the payments of grants to individuals and businesses as part of its efforts to reduce the harsh impact of the coronavirus pandemic.

Grassroots.ng recalls that payments are being made under the government’s Survival Fund initiative, part of the Economic Sustainability Plan (ESP).

The ESP, a N2.3 trillion stimulus package, was approved by President Muhammadu Buhari on June 24, 2020.

Micro, small and medium enterprises (MSME) are entitled to a grant of N50,000 as part of the initiative.

To save jobs, the payroll support track of the programs also aims to support 500,000 businesses with payment of up to N50,000 per employee for a period of three months.

Artisans and transport business operators are also being supported with a one-time grant of N30,000.

According to a statement from State House spokesman Laolu Akande, 319,755 Nigerians have already benefited from the payroll support track while 265,425 Nigerians have benefited under the Artisan and Transport Support track.

The scheme is also helping small businesses register with the Corporate Affairs Commission (CAC).

About 172,129 businesses have so far benefitted from the registration support. The goal is to register 250,000 new businesses.

The Covid support plan is estimated to save not less than 1.3 million jobs across the country and specifically impact on over 35,000 individuals per state, according to the government.

Applications for the MSME Grants and the Guaranteed Off-take Stimulus Scheme opened on February 9 and closed on March 1.