Survival fund: Mixed reactions trail FG’s disbursement of N66bn to 1.2 million MSMEs
Mixed reactions yesterday followed announcement by the Federal Government that it had disbursed N66 billion to 1.258million Micro Small and Medium Enterprises (MSMES) Survival Fund and Guaranteed Off-Take Scheme.
Whilst many saw the revelation as a giant stride in helping MSMEs to thrive amidst various torrid economic dispensation, a group of Nigerians expressed skepticism over the immediate impact of the fund on those who truly needed it to grow their businesses.
Recall that the Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, had announced at a town hall meeting of beneficiaries of the MSME Survival Fund and the Guaranteed Off-Take Scheme in Abuja.
She said the programme, under the Nigeria Economic Sustainability Plan (NESP), has disbursed the amount directly to the beneficiaries.
She explained that the scheme was a result of the need to stimulate the economy during post lockdown, especially for small and medium-scale businesses and self-employed individuals previously gainfully employed.
The fund, she explained, has created production opportunities for MSMEs and provided conditional grants to distressed businesses and self-employed individuals who were strained with payment of salaries during COVID-19.
Katagum said the anticipated impact of the programme was to directly engage 100,000 MSMEs in the production sector and save 1.3 million jobs, having self-employed entrepreneurs, and micro and small businesses registered in Nigeria as target beneficiaries.
She said the implementation of the survival fund across the five tracks yielded positive results.
The five tracks are Payroll Support Scheme, Artisan and Transport Scheme, Formalisation Support Scheme, General MSME Grants Scheme, and Guaranteed Off-take Scheme.
“In total, 490,408 employees received between N30,000 and N50,000 as three months’ salaries in the 36 states and the Federal Capital Territory (FCT).
“The Artisan and Transport Scheme was designed to provide a one-off N30,000 grant to 333,000 beneficiaries.
“We currently have 398,260 self-employed individuals and MSMEs who have benefitted across the 36 states and the FCT,” she added.
Earlier, Mr Tola Adekunle-Johnson, Special Assistant to the President on MSMEs and Project Coordinator MSME Survival Fund and Guaranteed Off-Take Scheme, said there was initial setback occasioned by initial public mistrust and apathy for the scheme.
He said this resulted in many several applicants failing to complete their registration.
Adekunle-Johnson, however, said that it had set the stage for the second phase of implementation where more public interest was shown in the scheme.
The beneficiaries of the survival fund commended the Federal Government for the scheme, noting that it provided the needed succour during the COVID-19 era.
Meanwhile, Nigerians who took to social media over the disbursement following the announcement expressed mixed feelings.
For instance, Shehu Nasiru Muhammad said, “My very concern on all these empowerment schemes why are they not mostly impacting financial inclusion, stimulating economic growth, and enhancing economic development?”
A Twitter user who goes by the username, Odili Cornelius lamented that, “Paper empowerment, I’m sure less than 10% of the 1.258 million people will receive the fund. The rest will be cornered, noting that it is the government officials that received those funds.
“Disburse funds on paper and siphon them in reality,” he alleged.
Also, @Kronkyay said the federal government should “Name them with your full chest. Ghost beneficiaries. What does ‘transparency’ mean to this administration?”
Another Nigerian by @Lagbajaomotamed on Twitter said, “I benefited and Trainees and Workers Benefitted too. We were all paid for three months. I never Hide it. That’s the First time I benefited from the Government.”
