The Vice President, Yemi Osinbajo, on Thursday, noted that privates schools, hotels, and road transport workers and many others will benefit from the stimulus package put in place by the President Muhammadu Buhari-led government for Micro Small and Medium Enterprises to cushion the effect of the COVID-19 pandemic.
The media aide of the Vice President, Laolu Akande, in a statement, noted that Osinbajo stated this while speaking at the 2020 edition of the MSMEs Awards held on Thursday.
The Vice President further stated that the support scheme had been covered by the government’s Economic Sustainability Plan.
According to Osinbajo, the relief fund would help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff members.
The MSMEs that qualify for the fund, he further explained, will make available their payroll for verification by government.
Osinbajo said, “The target beneficiaries of this scheme will include private schools, hotels, road transport workers, creative industries and others.”
“The verification process will be very rigorous and painstaking.”
“In addition, we have an N200bn fund which will be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas, aviation etc.”
“This will be granted through a scheme jointly run by the Bank of Industry and Nigerian Export-Import Bank especially for export expansion.”
“The CBN is also committed to creating an N100bntarget credit facility for MSMEs. Already the recently signed Finance Act already made provision for graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies.”