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 pandemic on mipymes.
Initially, President Muhammadu Buhari formed the Committee on Economic Sustainability (SEC), headed through Vice President Yemi Osinbajo, to, among other things, expand a recovery plan and propose measures to keep the economy afloat in the face of coVID-19’s economic scenario. Interruption.
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 support: 500,000 vulnerable mipymes meet their wage obligations of between N 30,000 and N50,000 according to the worker for 3 months.
Support for formalization: to provide free registration of the company’s CAC 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 / shipments – to supply 333,000 artisans and shipping operators with a subsidy of 30,000 naras for operations for the purpose of loss of income.
Guaranteed rate program: for the wholesale acquisition of 100,000 MSM products for jobs 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 N50,000 monthly wages for up to 10 workers in an eligible company, over a 3-month era.
“There is also an N50,000 grant consisting of 100,000 small and medium-sized enterprises, while 333,000 self-employed workers working as artisans and carriers will benefit from a single N30,000 subsidy.
“The president also approved the federal government’s full charge of registering 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.
Mr. Tola Johnson, Special Assistant to the President, Office of the Vice President, explanation on small business palliatives at the recent opening of the MSMP Survival Fund Implementation Fund 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; Pay targets of 100,000 companies; However, the number of other people who will get benefits is 500,000.
“The next programme will be the 100,000 grants for MSMEs; what the government has done is say that many MSMEs have been affected by the pandemic lockdown of COVID-19; so what we’re looking for is to inject 50,000 N into 100,000 micro-enterprises 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 ACC, you do this with MSMEs at about 12,000 nars or so; give it to us at a partial price, we’ll give it to MSMEs for free. “
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 N30,000, adding that the government would work with associations, Americans and the Department of Transportation to implement the program.
“After that, we move on to the guaranteed rate; we will implement the systems every week. We plan to do this for 4 consecutive weeks if we can, God allow, to put a smile on the faces of MSMEs at all levels. ; That 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.
For her part, Mariam Katagum, Minister of State for Industry, Trade and Investments, said that the two programs aimed to succeed in 1. 7 million entities and beneficiaries throughout 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.
The program was estimated to have stored fewer than 1. 3 jobs across the country, while targeting an average of another 35,000 people according to the state.
Katagum stated that under the guaranteed levy, it hoped that approximately 300,000 jobs and 100,000 MSMEs would be stored by ensuring the collection of products of precedence.
The minister said that one billion naira would be invested in interventions.
Sharing sentiments at the event, Mr. Okonkwo Obadigbo, a concerted representative in the personal sector, described the management of President Muhammadu Buhari 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 friends with MSMEs.
“Despite demanding situations of mistrust and infrastructure, MSMEs have benefited from many policies implemented through the federal government.
“The Guaranteed Transactions and Furniture Act of 2017 established a collateral record that simplified the MSMES requirement to 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.
“To ensure a flawless registration process, the delivery of the assignment 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. “
Small businesses are undoubtedly the main drivers of economic growth; therefore, your besttenance should receive great attention.
Chijioke has been writing since (NANFeatures)
cutting edge
Cote d’IVOIRE, the world’s largest cocoa producer, has once become politically ill. The voltage is returning to the degrees of 2011Array. .
White House Democratic wannabe Joe Biden on Tuesday released his tax returns from the last four years, a few hours earlier.
Protecting lives is a serious matter. Ask who’s ever done it. Don’t you know? Don’t worry, TangerineArray. .
The Federal Road Safety Corps, FRSC, Area Commander in Oyo State, Ms. Uche Chukwurah, revered as an Array icon.
By Joseph Erunke – Abuja Three years after its first deployment, TSTV Africa has completed its goal of relaunching itsArray.
The Vice-President of the Presidential Working Group on Access Roads to the Port of Apapa, Mr. Kayode Opeifa, the Array truckers. .
Facebook said companies that pay online on occasion in their iOS app wouldn’t want to pay a 30% payment to Apple. . .
By Owei Lakemfa IL there have been complaints among Nigerian political elegance about visa restrictions imposed on some of the Arrays.
By Dele Sobowale “These men lead the campaigns of the future, while everyone around them sleeps. But, when the timeArray. .
By Dele Sobowale “The culmination of each and every tragedy lies in the deafness of his heroes” – Albert Camus, 1903-1960, VANGUArray. .
This holiday season, I intended to embark on a critical investigation into theological strength.
By Douglas Anele Some of the reasons justifying the request of an igbo mining president in 2023 adumbratArray. .
By Denrele Animasaun Sixty years of sleepwalking “He who is satisfied with what he has, would be happy with Array. .