FG reveals N56bn disbursement in survival funds to over one million Nigerians

FG reveals N56bn disbursement in survival funds to over one million Nigerians

The Federal Government (FG) has revealed that it disbursed N56.8 billion to over 1 million persons and businesses — including those registered under the Corporate Affairs Commission (CAC) under the survival fund scheme.

This was contained in a statement issued on Tuesday, August 31, by Maryam Katagum; the minister of state, industry, trade, and investment in Abuja.

She also flagged off the guaranteed offtake scheme which, according to her; is the last track of the micro small, and medium enterprises (MSMEs) survival fund scheme instituted by the FG.

The initiative is a component of the Nigeria economic sustainability plan (NESP) which was developed by a committee headed by Vice-President Yemi Osinbajo.

Katagum explained that the scheme targeted 100,000 beneficiaries; but that as at the time the portal closed, only 65,976 applications were received; of which 50,032 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,” she said.

“The federal government is set to roll out the last component of the survival fund known as the guaranteed off-take scheme (GOS).”

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The minister said the COVID-19 pandemic caused a drop in demand for corporate and household products and commodities; adding that the guaranteed off-take scheme was conceived by the FG 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.

Meanwhile, Deputy President of the Senate, Ovie Omo-Agege, has said that a sustainable electoral process was only possible if it was founded on an adequate electioneering culture.

Omo-Agege said this at the public presentation and inaugural meeting of the Electoral Hub, in Abuja, on Tuesday, August 31.

According to him, no matter how good the clauses were in the electoral laws; if the other aspects of the electioneering process were flawed, the electoral process itself will ultimately be flawed.

“While there have been many more issues in our electoral history, it seems to me that if we have had adequate and unambiguous clauses, plus adequate advocacy, understanding, and the will to comply, we would have had less controversies, fewer post-election court cases and generally, a more credible electoral process.

“This is to say that we need adequate and generally acceptable rules of engagement in the electioneering process.

“I am glad, for instance, that the National Assembly is now dealing with the issue of direct primaries’’, Omo-Agege said.

 

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