Survival Fund: 1 million Nigerians, businesses bag N57bn

The Federal Government has disbursed N56,842,780,000 to 1,079,323 persons and businesses under the Survival Fund programme.

The companies include those registered under the Corporate Affairs Commission (CAC).

Maryam Katagum, Chairperson of the Survival Fund Steering Committee, gave the details at a news conference on Tuesday in Abuja.

Katagum, the Minister of State, Industry Trade and Investment, also flagged off the Guaranteed Off-take Scheme, with 50,032 beneficiaries already shortlisted.

The official said the scheme was the last track of the Micro Small and Medium Enterprises (MSMEs) Survival Fund.

The target is 100,000 beneficiaries but as at the time the portal closed, only 65,976 applications were received. 50,032 entries across Nigeria scaled the pre-qualification test and were shortlisted.

“To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 including those registered under CAC”, Katagum confirmed.

“The Federal Government is set to roll out the last component of the Survival Fund known as the Guaranteed Off-take Scheme (GOS).”

Noting that COVID-19 caused a drop in demand for corporate and household products and commodities, the Guaranteed Off-take scheme was conceived to assist small businesses.

Katagum explained that the commencement was delayed due to issues from other programmes such as failed payments, balancing value and ensuring equity among states.

For verification and pre-qualification, the minister said the beneficiaries must be Nigerians with valid BVN and have a staff strength of not less than three.