FG Begins Payment of ESP Survival Fund to 500,000 Beneficiaries This Week
The FG begins payment of ESP Survival Fund to 500,000 beneficiaries this week. The fund is for eligible Nigerians to support their small businesses.
The Federal Government will this week begin the payment process of N50,000 to each of
the eligible beneficiaries of its Economic Sustainability Plan (ESP)Survival Fund through which 500,000 Nigerians will receive funding.
This is an extension of the administration of President Muhammadu Buhari to give support for small businesses during the COVID-19 pandemic under its ESP Survival Fund’s Payroll support track and the immediate General MSME Grant.
The Media Assistant to the Vice President, Laolu Akande, in a statement on Sunday the 25th of April, 2021, revealed that the number of beneficiaries under the Payroll Support track, were 319,755 Nigerians, while 265,425 Nigerians are to be funded under the Artisan and Transport Support track.
Out of the 265,425 beneficiaries, there are 118,581 beneficiaries under the Artisan support track, and 146,844 beneficiaries under the Transport track.
According to the media assistant, the payroll support track is focused on supporting 500,000 beneficiaries with payment of up to N50,000 per employee for a period of three months.
He also stated that the MSME Survival Fund is a component under the Nigerian Economic Sustainability Plan, NESP, that was set up to support vulnerable Micro Small and Medium Enterprises (MSMEs) in meeting their payroll obligations and safeguard jobs in the MSMEs sector.
“The General MSME Grant is a one-off grant of N50,000 that will be given to all the qualified MSME as direct cash injection into their enterprise. The total number of beneficiaries in this track is 100,000 spread across the States.
Consequently, under the Artisan Support scheme, a total of 333,000 Artisans and Transport business operators nationwide will get one-time operations grant of N30,000 per individual to limit the effects of income loss due to the COVID-19 pandemic.
He further stated that the processing of applications for the Guaranteed Offtake Stimulus Scheme is currently ongoing and it will be announced once this track commences.
The Guaranteed Off-take Stimulus Scheme is focused on protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by ensuring the off-take of their products. A total of 100,000 Micro and Small Enterprises will be able to benefit from the scheme.
“The Economic Sustainability Plan (ESP) was approved by President Muhammadu Buhari on the 24th of June, 2020, as an N2.3 trillion stimulus plan to help ease the socio-economic effects of the COVID-19 pandemic. The Plan was formulated by the Economic Sustainability Committee chaired by Vice President Yemi Osinbajo”.