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FG Begins Payment of N500k Survival Fund To Nigerians

Updated Thursday 19 November 2020 6:36
FG Begins Payment of N500k Survival Fund To Nigerians
The federal government has commenced payment to beneficiaries of the payroll support scheme under the MSME Survival Fund.

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Presidential spokesman, Laolu Akande, confirmed this in a statement Wednesday night.

He said so far, 101,567 verified employees drawn from 16,250 companies have received their first monthly payment.

The official noted that the initiative was designed to support vulnerable businesses to meet their salary obligations for a period of three months.

The outfits must be owned by a Nigerian and located in Nigeria.

“Verification is still ongoing as the payroll support scheme targets supporting 500,000 vulnerable MSMEs in meeting their payroll obligations of up to N50,000 per employee during the duration of 3 months, starting from October.

“Registration for the Payroll Support had commenced on Monday, 21st September, for different categories of MSMEs – education, hospitality and other sectors (general); and ended on the 15th of October.”

Akande said successful applicants have received SMS and email verification with a list of requirements for the second stage of application.

Requirements for the application are Corporate Affairs Commission (CAC) registration, Bank Verification Number (BVN), and a staff strength of at least 3 persons with proof of monthly salary payment.

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