Through the federal government’s Payroll Support programme, 311,000 beneficiaries have received funding, while more than 64,000 companies have been verified, according to the Bank of Industry (BOI).
This was disclosed by BOI’s Stakeholder Engagement Representative, Akan Ekure, in a statement.
He noted that the disbursed funds were meant to support the salaries of beneficiaries.
Ekure added that the beneficiaries would receive between N30,000 and N50,000 for a period of three months.
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He stated, “We are here to celebrate the Payroll Support which is part of the MSME Survival Fund. The Federal Government during the COVID-19 pandemic came up with the Payroll Support Fund.
“The fund is to support their salaries for three months and we have been giving N30,000 to N50,000 for three months to beneficiaries.
“About 64, 000 companies have been verified while about 311,000 beneficiaries have got this fund nationwide. Some companies got N50,000 and others got N30,000 for the payroll support.”
What is the Payroll Support Programme?
The programme was initiated by the federal government as part of the Micro, Small, and Medium Enterprises (MSME) programme.
It was created as a response to the impact of the COVID-19 pandemic on businesses across the country.
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Businesses struggled to keep up with staff payroll, spurring the government to jump to action.
Who Can Apply?
All businesses of the Nigerian economy are eligible to apply for the payroll support scheme, according to the FG.
It added an exception to the education sector, where only private school owners are eligible to apply for the programme.
Those in the hospitality industry, restaurants, amusement parks, hotels, event centres, and all businesses related to the sector are also eligible.
