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Survival fund: We’ve disbursed N56bn to over 1million Nigerians – FG

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The Minister of State, Industry, Trade and Investment, Maryam Katagum, on Tuesday, said the the federal government has disbursed N56.8 billion to over 1 million persons and businesses — including those registered under the Corporate Affairs Commission (CAC) enrolled under the survival fund scheme.

The minister, said this at a news conference in Abuja, while flagging off the guaranteed offtake scheme which according to her, is the last track of the government’s micro small and medium enterprises (MSMEs) survival fund scheme.

The initiative is a component of the Nigeria economic sustainability plan (NESP) which was developed by a committee headed by Vice-President Yemi Osinbajo.

Katagum explained that the scheme targeted 100,000 beneficiaries, but that as at the time the portal closed, only 65,976 applications were received, of which 50,032 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,” she said.

“The federal government is set to roll out the last component of the survival fund known as the guaranteed off-take scheme (GOS).”

The minister said the COVID-19 pandemic caused a drop in demand for corporate and household products and commodities, adding that 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.

On the issue of 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.