Due to the stress and discomfort faced by small businesses across the country and in a bid to support small businesses in Nigeria, the Federal Government has taken some neccesary measures.
Also, in the efforts to support all small businesses which are finding it difficult to survive the effects of the COVID-19 pandemic, the Federal Government, as was planned in the 'Economic Sustainability' Plan, is now ready for the implementation of a number of schemes to keep MSMEs afloat. This was mentioned by the Vice President Yemi Osinbajo.
The Vice President said this on today Thursday at the 2020 edition of the Micro Small and Medium Enterprises (MSMEs) Awards which was held virtually with the aid of a video conference due to restrictions on large gatherings.
According to Yemi Osinbajo, he mentioned that he was extremely happy to notice that the year 2020 is an exception despite the hurdles provided by the Covid-19 pandemic.
He said, local businesses are currently facing one of their most challenging time and the impact of this is extremely inflicting on all MSMEs in the country.
In his words, he said: "The central plank of our response as a government to the economic challenges posed by the Covid-19 pandemic has been the Economic Sustainability Plan recently approved by President Muhammadu Buhari and the Federal Executive Council."
"In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses." Osinbajo added.
The off take scheme of the FG will help small businesses and the products will be distributed or Nigerians. The salaries of staff workers of any company that is eligible for the payroll will be paid from the FG's Fund For Three months.
The VP said that the target beneficiaries of this FG scheme will include Private schools, Hotels, Road transport workers, Creative industries and many others.
Thus, the Vice President, Professor Yemi Osinbajo, has announced a new scheme for all small businesses (MSMEs) in the country.
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