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BREAKING: The Federal Government Has Started Disbursing Nigerians’ Survival Fund

BREAKING: The Federal Government Has Started Disbursing Nigerians' Survival Fund
BREAKING: The Federal Government Has Started Disbursing Nigerians’ Survival Fund

The Federal Government has begun disbursing the Survival Fund to Nigerians, according to the Minister.

Touchaheart Nigeria reports that the Minister of Industry, Trade and Investment, Chief Niyi Adebayo, has stated that N56.84 billion has been released to the drivers of the country’s Micro, Small, and Medium Enterprises (MSMEs).

According to THIS DAY, the money came from President Buhari’s administration’s N75 billion survival fund, which was set aside to re-energize the sector.

Nigerian Information Guide The minister made the announcement on Monday at the commencement of a technical session of the National Council on Industry, Investment, and Trade’s 13th meeting in Ado Ekiti, the state capital of Ekiti.

According to THIS DAY, the minister, who was represented by the Ministry’s Permanent Secretary, Dr. Evelyn Ngige, said: “On the N75 billion MSME Survival Fund, the program has disbursed N8.80 billion to 293,336 beneficiaries under the Artisan Support & Transportation Scheme, N43.92 billion to 459,334 beneficiaries under the Payroll Support Scheme, and N4.12 billion to 82.491 beneficiaries under the MSME Grant Scheme.” “In total, the sum of N56.84 billion has been disbursed to 835,161 beneficiaries under the MSME Survival Fund scheme.”

According to him, the ministry had begun full activation of the six private sector-led Special Economic Zones of Lekki, Enyimba, Funtua, Ibom, Kano, and Benue and are working through the Nigeria Export Processing Zones Authority to ensure the Authority delivers the establishment of three SEZs in 2022.

“in line with the presidential directive for the establishment of at least one Agro-Processing Zone in each of the 109 senatorial zones, commenced the process of collecting agro-commodities data in 16 states of Ebonyi, Plateau, Edo, Jigawa Ondo, Gombe, Abia, Benue, Osun, Sokoto, Zamfara, Enugu, Ekiti, Bauchi, Kebbi and Bayelsa for the first phase of the implementation”.

“Ensuring credit access to 10 million MSMEs at a single-digit rate. In the implementation of this strategic pillar of the federal government to reduce the rate of unemployment in the country, the ministry through the Bank of Industry (BoI) has disbursed N15 billion to 863 MSME businesses across several sectors.

“The ministry, through the Industrial Training Fund (ITF), has trained one thousand, two hundred and eleven (1,211) beneficiaries under its Info-Tech Skills Empowerment Programme (ISEP), Passion to Profession, and other Special Skills Intervention Programmes. 

“These initiatives are all geared towards Mr. President’s promise of taking 100 million Nigerians out of poverty within the next 10 years”.

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