By Chijioke Okoronkwo
One of the critical areas of the global economy affected by the COVID-19 pandemic is the micro-small and medium-sized enterprises (HSH) subsector.
The federal government has been proactive and reactive in mitigating the effect of the pandemic on MSMEs.
At first, President Muhammadu Buhari formed the Committee on Economic Sustainability (CES), chaired through Vice-President Yemi Osinbajo, to include extending a stimulus plan and proposing measures to keep the economy afloat in the face of coVID-19’s economic scenario. Disturbances.
As a result, CES developed and presented the Economic Sustainability Plan (ESP) that it approved through Buhari.
CES includes many step-by-step interventions within the Survival Fund Framework, which assisted MSMEs.
Some of these plans are: Payroll assistance – at 500,000 vulnerable mipymes meet their wage obligations of between 30,000 and 50,000 N according to the worker for 3 months.
Formalization assistance: to provide a free registration of CAC’s corporate call for 250,000 new businesses.
General grant: for the survival of a maximum of 100,000 businesses affected by the COVID-19 pandemic with N50,000 each.
Support to artisans / transport: to provide 333,000 artisans and shipping operators with a subsidy of 30,000 naira for operations for the purposes of loss of income.
Guaranteed rate program: for the wholesale acquisition of 100,000 MSM products to generate employment and livelihoods
Speaking recently about the interventions, Osinbajo said the federal government remains deeply committed to creating a more business-friendly environment for mipymes to thrive, as they were the engine room of the Nigerian economy.
According to the Vice-President, the survival of MSMEs is a key to the PSA.
He said President Buhari’s approval of the implementation of the MSMES Survival Fund under the PSA deserves to dampen the effect of COVID-19 on the economy.
“Under the Survival Fund, there is a payroll program, which will provide up to 50,000 nars in monthly wages to up to 10 workers in an eligible company over a three-month period.
“There is also an N50,000 grant consisting of 100,000 small and medium-sized enterprises, while 333,000 self-employed people working as artisans and carriers will receive an exceptional subsidy of N30,000.
“The president also approved the federal government to register the trade names of 250,000 new companies across the country.
“We are doing all this to help MSMEs across the country in their workforce and keep their business afloat in those difficult times.
The vice president said The Buhari administration’s commitment to small business fortunes is reflected in its clinic’s initiative for mipymes.
Tola Johnson, Special Assistant to the President, Office of the Vice President, briefing on Small Business Reliefs at the recent launch of the Survival Fund Implementation Fund for MSMEs and Guaranteed Stimulus Programs in Abuja.
The special assistant, who is also the allocation coordinator, said the systems would go a long way to mitigate the effect of COVID-19 blocking on companies.
“The program will start with Payroll Support; payroll targets 100,000 companies; However, the number of other people who will get benefits is 500,000.
“The next program will be 100,000 grants to MSMEs; what the government has done is to say that many MSMEs have been affected by the COVID-19 pandemic closure; So what we are looking for is to inject 50,000 N into 100,000 microenterprises very quickly.
“Then there is a loose N250 CAC record; is on the loose for MSMEs, but the government will pay the ACC for it.
“So what the government has done is tell the CAC, you do it with the mipymes at about 12,000 N or so; give it to us at a partial price, we give it to the free mipymes. “
He indicated that the MME National Clinic, the Vice-President and the Minister of Industry, Trade and Investment visited no fewer than 26 states.
Johnson said the clinics were found to be highly artistic corporations were not registered.
“They’ll tell you they have between 10, 000 and 12,000 N to sign their business.
“Then the government promised that at some point we would help, I think the opportunity has come now; opportunity can’t be greater than now. “
He said that under the Survival Fund, the last strap would be for transportation and craftsmen.
He said that up to 333,000 beneficiaries would get a one-off grant of 30,000 nars, adding that the government would work with associations, Americans and the Ministry of Transportation to implement the program.
“After that, we move on to guaranteed direct debit; we will implement the systems every week; we plan to do this for 4 consecutive weeks, if we can, and God allows it, put a smile on the face of MSMEs everywhere; this is our plan; If things change, we’ll let you know.
“We’re running with the states because we don’t need to get to a point where states say how another 35,000 people get benefits from our state and we don’t know,” he said.
Johnson said Survival Fun is www. survivalfund. ng.
Mariam Katagum, Minister of State for Industry, Trade and Investment, said the two programs aimed to succeed in around 1. 7 million entities and beneficiaries across the country.
According to her, the MME Survival Fund is a special grant to help vulnerable MSMEs meet their payroll and safe work obligations in the face of the surprise of the COVID-19 pandemic.
She said the program estimated saving up to 1. 3 jobs across the country, while targeting an average of 35,000 others according to the state.
Katagum stated that under the guaranteed levy, it expected approximately 300,000 jobs and 100,000 MSMEs to be stored ensuring the collection of products of precedence.
The minister said billions of nairas would be invested in the interventions.
Sharing emotions at the event, Mr. Okonkwo Obadigbo, a concerted representative from the personal sector, described President Muhammadu Buhari’s management as a true friend of MSMEs.
He said that since 2015, existing management policies had been favorable to MSMEs despite security and infrastructure issues.
“A true friend is the user who supports you when times are difficult.
“In my humble opinion, this Nigerian federal government headed by President Buhari, since 2015, has been a friend of MSMEs.
“Despite demanding situations of mistrust and infrastructure, MSMEs have benefited from many policies implemented through the federal government.
“The Safe Transactions and Personal Assets Act of 2017 established a national promise firm that simplified the requirement that MSMes evaluate bank loans.
“The Bank of Industry (BOI) and the Central Bank of Nigeria (CBN) have implemented several intervention programmes and budgets for MSMEs in Nigeria.
“The Finance Act 2019 examines the taxation of MSMEs,” he said.
The portal for registering beneficiaries to the Survival Fund was opened at 22:00 on 21 September.
According to the Project Execution Office, the portal will have establishments as the first category of beneficiaries to register.
“Nigerians interested in the payroll program deserve to take into account that the registration site will be open at 10 p. m. September 21st.
“For a smooth registration process, the Project Delivery Office has designed a registration schedule.
Payment registration will begin at educational establishments on Monday and will be followed through hotel corporations on September 25 from 12:00 p. m.
“The portal will also be open to other categories of small businesses by noon on Monday, September 28. “
(YAYA)
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Source: Johns Hopkins Center for Systems Science and Engineering All rights reserved © 2020