FG commences payment of payroll support to beneficiaries


ESP In Progress: FG commences payment of Payroll Support to beneficiaries

101,567 beneficiaries drawn from 16,250 businesses paid

As the implementation of its Economic Sustainability Plan, ESP, continues, and in furtherance of its commitment to support small businesses to cushion the economic effects of the COVID-19 pandemic, the Buhari administration has commenced payment to beneficiaries of the payroll support scheme track under the MSME Survival Fund.

The MSME Survival Fund, a component under the ESP, is generally designed to, among other things, support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector.

So far, 101,567 verified employees drawn from 16,250 businesses have received their first monthly payment from the Survival Fund’s Payroll Support Scheme, which is designed to support vulnerable MSMEs by paying the salaries of their staff for a period of three months.

Verification is still ongoing as the payroll support scheme targets supporting 500,000 beneficiaries with payment of up to N50,000 per…

Source: Vanguard Newspaper