One million Nigerians, firms get FG’s N56.8bn survival fund

A total of 1,079,323 persons and businesses have received N56.8bn from the Federal Government under the Survival Fund programme

Chairperson of the Survival Fund Steering Committee, Maryam Katagum,

gave the details at a news conference on Tuesday in Abuja.

Katagum, who is also Minister of State, Industry Trade and Investment, flagged off the Guaranteed Off-take Scheme, with 50,032 beneficiaries already shortlisted.

She said the scheme was the last part of the Micro Small and Medium Enterprises (MSMEs) Survival Fund.

The target is 100,000 beneficiaries but as at the time the portal closed, only 65,976 applications were received. 50,032 entries across Nigeria scaled the pre-qualification test and were shortlisted.

“To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 including those registered under CAC”, Katagum confirmed.

“The Federal Government is set to roll out the last component of the Survival Fund known as the Guaranteed Off-take Scheme (GOS).”

Noting that COVID-19 caused a drop in demand for corporate and household products and commodities, the Guaranteed Off-take scheme was conceived to assist small businesses.

Katagum explained that the commencement was delayed due to issues from other programmes such as failed payments, balancing value and ensuring equity among states.

For verification and pre-qualification, the minister said the beneficiaries must be Nigerians with valid BVN and have a staff strength of not less than three.