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N-Power Pending As FG Disburses N10b MSMEs Fund

N-Power Pending As FG Disburses N10b MSMEs Fund

The Federal Government has disbursed N10billion to artisans who applied under the Micro Small and Medium Enterprise (MSMEs) survival fund while N-Power beneficiaries are pending.

The Minister of State, Industry, Trade and Investment, Mariam Katagum who is the Chairperson, Steering Committee on survival fund and guarantee off-take schemes, said approval was made last week and the Ministry of Finance knowing how important the money is needed made it available immediately.

She spoke during a press briefing in Abuja saying approval for the month of November is N10billion which is for the payroll of artisans, stressing that as this payment is going on, registration by the Corporate Affairs Commission (CAC) is also ongoing to ensure those not captured now will be captured for next payment.

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“Again, by the time we come to brief Nigerians next week the information will change because we plan to pay the artisans weekly instead of monthly.

“Right now all we are concentrating on is to pay the October salary support, once we are done with October payment, November and December will be easy to handle.”

“The white list of beneficiaries fully verified for disbursement and payments to the approved block of beneficiaries have also commenced and disbursements have been approved for a total of 16,253 MSMEs businesses accounting for a total of 101,567 beneficiaries N30,000 was paid to each of the 94,696 employees/beneficiaries while N50,000 was paid to each of the 6,871 employees/beneficiaries. 2.6per cent of the beneficiaries are people with special needs while 43per cent of the total beneficiaries are women in line with the guidelines on disbursement,” she said.

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She said the disbursements for Payroll Support commenced last week and it is ongoing presently across the country. “However, due to the inability of some states to meet their targets, the portal will be reopened to accommodate such states.

Other milestones achieved under this track are the verification for payment of 101,567 beneficiaries sourced from 16,253 businesses as at 17th Nov 2020. The distribution of beneficiaries across the country include Lagos State, 25,000, Kano, 17,000, Abia,16,000;and13,000 for every other state,” the minister said.

About Author

Oputah David is a Mass Communication graduate with a master's degree in Organisational Behaviour and another in Mass Communication. He is also a Bloomberg trained Financial journalist with an interest in markets and the economy. He can be reached via – [email protected]

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