Maryam Katagum
Maryam Katagum

Nigeria’s federal government says it has disbursed N56.8 billion to over 1 million persons and businesses under the survival fund scheme

Minister of state, industry, trade and investment and chairperson of the survival fund steering committee, Maryam Katagum, who made the disclosure at a news conference on Tuesday in Abuja, 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.

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

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

“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).”

According to the minister, Covid-19 pandemic caused a drop in demand for corporate and household products and commodities.

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

On the issue of 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.

The minister said the survival fund had also made great progress in other schemes that had been implemented.