Nigeria begins payment of MSME Survival Fund to beneficiaries ─Presidential aide

*101,567 verified employees drawn from 16,250 companies have received their first monthly payment thus far, says Presidential Spokesman Laolu Akande

Isola Moses | ConsumerConnect

The Federal Government has commenced payment to beneficiaries of the payroll support scheme under the MSME Survival Fund in Nigeria.

Mr. Laolu Akande, Senior Special Assistant to Vice-President (Prof.) Yemi Osinbajo confirmed this in a statement released night on Wednesday, November 18.

The Presidential spokesman noted that 101,567 verified employees drawn from 16,250 companies have received their first monthly payment so far.

The initiative was designed to support vulnerable businesses to meet their salary obligations for a period of three months, said Akande.

According to him, the outfits must be owned by a Nigerian and located in the country.

He said: “Verification is still ongoing as the payroll support scheme targets supporting 500,000 vulnerable MSMEs in meeting their payroll obligations of up to N50,000 per employee during the duration of 3 months, starting from October.

“Registration for the Payroll Support had commenced on Monday, 21st September, for different categories of MSMEs – education, hospitality and other sectors (general); and ended on the 15th of October.”

He disclosed that successful applicants have received SMS and e-mail verification with a list of requirements for the second stage of application.

Akande further stated that requirements for the application are Corporate Affairs Commission (CAC) registration, Bank Verification Number (BVN), and staff strength of at least 3 persons with proof of monthly salary payment.