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The Federal Government has announced a registration schedule for businesses interested in partaking in its payroll support scheme for MSMEs. A statement to this effect was issued by the Project Delivery Office in Abuja on Sunday. According to the statement, the registration will begin by 10 PM on Monday, September 21, with educational institutions being the first set of businesses to register.
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Businesses in the hospitality industry will be able to register for the scheme starting Friday, September 25, by 12 AM. Small businesses in other sectors will be allowed to sign up on the portal beginning Monday, September 28, by 12 AM. MSMEs interested in registering for this program can do so at its dedicated portal, survivalfund.ng. The Survival Fund is a Federal Government grant targeted at small and medium-sized enterprises. Authorities say it’s been created to help MSMEs meet their payroll obligations, in the wake of the economic crisis triggered by the COVID-19 pandemic. Under the scheme, about 500,000 vulnerable small businesses will receive support to help them pay between ₦30,000 and ₦50,000 in monthly salaries per employee for three months.
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There will also be a ₦50,000 grant for 100,000 small scale businesses, and a one-off grant of ₦30,000 to artisans and transporters. Furthermore, about 250,000 new businesses will have their business names registered with the CAC free of charge. The government hopes that the initiative will help save at least 1.3 million jobs across Nigeria. Up to 35,000 individuals are expected to benefit in each state.
“We are doing all of these to support MSMEs across the country to maintain their staffing levels and keep their businesses afloat through these challenging times,”
Vice President Yemi Osinbajo had earlier said.
“When they (MSMEs) thrive, the economy thrives. When they struggle, the economy struggles.”  
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This article was first published on 21st September 2020

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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