Help is on the way for private schools, hotels, and road transport workers among others, as the Federal Government had factored them in the stimulus package it has put in place for Micro Small and Medium Enterprises to cushion the effect of coronavirus pandemic.
Vice President Yemi Osinbajo, who made this known today, July 16 at the 2020 edition of the MSMEs Awards, which was held in Abuja, said that the support scheme had been covered by the government’s Economic Sustainability Plan.
Professor Osinbajo said that the survival fund would help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff members, adding that the MSMEs that qualify for the fund will make their payroll available for verification by government.
“The target beneficiaries of this scheme will include private schools, hotels, road transport workers, creative industries and others. The verification process will be very rigorous and painstaking.
“In addition, we have an N200bn fund which will be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas, aviation etc.
“This will be granted through a scheme jointly run by the Bank of Industry and Nigerian Export-Import Bank especially for export expansion.
“The CBN is also committed to creating an N100bn target credit facility for MSMEs. Already the recently signed Finance Act already made provision for graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies.”