FG To Expand Survival Fund To Reach More Beneficiaries - VP Osinbajo

Vice president Yemi Osinbajo said WE MUST FIND WAYS OF DOING MORE, MSMEs SURVIVAL FUND. FG Covid-19 Stimulus package impacts about a million already.

With the kind of impact and interest already generated among Nigerians by the ongoing implementation of the Survival Fund under the Economic Sustainability Plan, there is now a need to expand the scope and reach of the benefits to an even larger number of the populace, according to Vice President Yemi Osinbajo, SAN.

This hint was dropped at a virtual meeting held just before the Christmas holidays between Prof. Osinbajo and the Steering Committee of the MSMEs Survival Fund. The meeting was attended by Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, Chairperson of the Committee; the Chairman of First Bank, Mrs Ibukun Awosika, the Committee's Vice Chairperson, among other members.

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So far, the scheme has commenced disbursement to about 500,000 beneficiaries: the Payroll Support Scheme has paid close to 350,000 beneficiaries; almost 166,000 Of 300,000 Artisans have benefitted from the Artisan & Transport Scheme; and the Corporate Affairs Commission is ramping up numbers to register 250,000 new businesses free of charge.

By the end of December, an approximate of 400,000 Payroll Support beneficiaries would have received salaries for October to December, while structures have been put in place to commence the General Grants and the Guaranteed Offtake Scheme early next year.

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Speaking on the implementation of the scheme and the need to expand the scope, the Vice President said “the data indicating what you have done so far shows that it is possible for government to deliver big programmes, and to deliver them credibly. And it is possible for people to actually benefit from government programmes especially with as little interference as possible from the political forces which is what has been the bane of several government programmes in the years past.”

Continuing, Prof. Osinbajo noted that, “I think that we must find ways of expanding the scope of the scheme, because when you look at the numbers that we have approval for, the numbers are small in comparison to the enormity of the problems that we are faced with.

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“Even if we are able to reach 2 million beneficiaries, it is still a tiny percentage of the millions who require help and assistance. So, I think, we have to find ways of trying to seek an approval to expand the scope of the scheme. This is an important aspect of it.”

Commending the committee for their efforts in impacting the lives of beneficiaries of the Payroll Support, the Artisan and Transport grants as well as beneficiaries in other tracks of the scheme, the Vice President said the partnership with the private sector in the implementation of the scheme was notable.