100,000 SMEs to get N50,000 stimulus grant – Presidency

The Federal Government is set to disburse #50,000 each to 100,000 small businesses, the Special Assistant to the President on Micro Small and Medium and Medium Enterprises (MSMEs), Mr Tola Johnson has said.

He disclosed this at the inauguration of the Implementation of Survival Fund and Guaranteed Off-Take Stimulus Schemes for MSMEs yesterday in Abuja.

Johnson, who is also the Project Coordinator, said the schemes were part of the Economic Sustainability Plan drafted by Vice President Yemi Osinbajo-led committee and approved by President Muhammadu Buhari.

“The schemes will be starting with the Payroll Support; the Payroll Support targets 100,000 businesses; however the number of individuals who will benefit from this is 500,000.

“The next will be the 100,000 MSMEs grants; what the government has done is to say that there a lot of MSMEs that have been affected by the COVID-19 pandemic lockdown; so, what we are trying to do is to very quickly inject N50,000 each to 100,000 micro businesses.

“Afterward, there is a CAC (Corporate Affairs Commission) free registration; it is free for the MSMEs but the government is paying the CAC for this.

“So, what the government has done is to say to the CAC, you do this regularly to the MSMEs at about N12,000 or thereabout; give it to us at half price, we will give it to the MSMEs free.’’

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