Wednesday, April 21, 2021
MARKET UPDATE

TheCable

Advertisement
 ON THE GO

FG: We’ve paid salaries of over 300,000 employees under MSME survival fund

FG: We’ve paid salaries of over 300,000 employees under MSME survival fund
April 08
19:51 2021

The federal government says 319,755 employees of micro, small and medium enterprises (MSMEs) have benefitted from the payroll support scheme.

Advertisement

The announcement was made in a post on Thursday via the official Twitter handle of MSME survival fund.

The payroll support scheme is a component of the N75 billion survival fund for micro, small and medium enterprises (MSMEs) which aims to support and protect such businesses from the potential economic vulnerabilities brought about by the COVID-19 pandemic.

As mandated by the programme, the government will pay salaries of a maximum of 10 employees per qualifying MSME for a period of three months.

Advertisement

To qualify for the payroll support scheme, a business must have Corporate Affairs Commission (CAC) registration; bank verification number (BVN); staff strength of at least 10 persons and maximum of 50. The business must also be owned by a Nigerian.

Applicants must register on the survival fund website and complete the onboarding process by adding organisation, bank and employees details.

According to the federal government, businesses are eligible to get paid under the scheme after application has been successfully verified.

In January, the government extended registration for the payroll support scheme to enable some states meet their quota of beneficiaries.

Advertisement

The portal was reopened for applicants from states excluding Benue, Plateau, Bauchi, Kano, Kaduna, Rivers, and the federal capital territory (FCT).

1 Comment

  1. Hadiza Umar
    Hadiza Umar April 09, 10:24

    But of to now no single payment was made for the others State quarters after reopened and others previous company and some employees still now yet to get payment where always going on Tweeter saying we’ve been paid 3,19,755 and this is not something hide because from the beginning of this program each state has its own quarter of CAC to apply,so if we look through this we’ll know that 75b will be enough to all verified to get paid but no payment made so we calling the steering committee which our folding voice to help Nigerians getting grant, and we thanks federal government for the great program

    Reply to this comment

Write a Comment