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 More Beneficiaries emerge under FG’s N75bn Survival Fund

More Beneficiaries emerge under FG’s N75bn Survival Fund


More beneficiaries have continued to emerge under the Federal Government’s N75bn survival fund for small businesses, with Gombe and Rivers being the latest to acknowledge the scheme.

The Federal Government (FG) had extended registration for the payroll support scheme to enable some states meet their quotas.

The payroll support scheme is designed to assist vulnerable micro, small and medium enterprises (MSMEs) by paying the salaries of their staff for a period of three months. The requirements needed for the application include: Business must have Corporate Affairs Commission (CAC) registration; must have a bank verification number (BVN); must have staff strength of at least 10 persons and maximum of 50; and must be owned by a Nigerian.

Speaking at the payroll support activation held in Obio/Akpor Rivers State, the Regional Manager, South South at the Bank of Industry, Pacqueens Irabor, highlighted that the beneficiaries present had come to resound the authenticity and transparency of the scheme thereby bridging the trust deficit prevalent in the country.

Also, the Team Lead, Growth and Field Operations, BOI, in Gombe, Goodness Adewale, explained that the initiative was part of measures to help businesses cushion the effect of the pandemic on their businesses.

“The Government has identified a couple of businesses and their employees; and have been sending them some amount of money. Some have benefitted N30,000 and some N50,000 per month to pay the salaries of their employees for some time. We think that this is going to help the businesses survive during this COVID-19 period and they can live beyond the pandemic.

“My advice to the beneficiaries is that they should keep doing what they are doing, the government is looking, everybody is looking and we pray that we all survive this very tough season”, Adewale added.

One of the beneficiaries and the CEO of Boka Security Safety and Services Nigeria Limited, John Yeda, in his remarks, said: “The pandemic caused my company to keep their staff on standby. I later saw the advert for payroll support which I applied for and after due process, all my members of staff got N30,000 each. My company is a first-time beneficiary of government support and I am grateful for this. I do not belong to any political party and I must say that the process is very transparent.”

Another beneficiary, Okoro Blessing of AG Fastlink Integrated Services, said it was a pleasant surprise and the staff of her company were paid for N30,000 each for three months (November to January). She further emphasized the impact of the payroll support on her business whilst admonishing others to ensure their businesses are registered with the Corporate Affairs Commission to ensure eligibility and to benefit from such Government schemes.

Irabor noted that more businesses would have benefitted from the first batch if only the companies were registered. He urged all business owners in the South-South Region and the nation at large to register their businesses with the Corporate Affairs Commission for eligibility to key in to the scheme as the next batch will commence very soon.

Sadaka Abubakar Saad from Cybertech concept Limited, Gombe State, acknowledged the receipt of N30,000 per month for three months under the survival fund initiative, while commending the government for such initiatives.

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