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FG disburses N27 billion from MSMEs Survival Fund, last scheme portal opens February 9

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The Federal Government has reported the payment of N27 billion to Micro Small and Medium Enterprises (MSMEs) as a component of the MSMEs Survival Fund Scheme.

This is as the public authority has finished up designs to reveal the last 2 plans that make up the MSMEs Survival Fund to be specific, the Guaranteed Offtake Stimulus Scheme and the General MSMES Grant.

This divulgence was made by the Minister of State, Industry, Trade and Investment, Ambassador Mariam Katagum, who is additionally the Chairperson, Steering Committee, MSME Survival Fund and Guaranteed Off-Take Schemes (GOS), while instructions the press on Thursday, February 4, 2021, in Abuja.

As indicated by a report by the News Agency of Nigeria (NAN), she said that the Steering Committee for the Survival Fund would present its reports to the Federal Ministry of Finance, Budget and National Planning just as anticipate the second tranche of the asset and that the current plans were advancing consistently.

What the Minister of State of Industry, Trade and Investment is saying

Katagum in her assertion said, “The Federal Government is set to reveal the last two plans of the MSMEs Survival Fund segment of the National Economic Sustainability Plan (NESP) in particular, the Guaranteed Offtake Scheme (GOS) and the General MSMEs Grant. Two of the parts endorsed under the Economic Sustainability Plan (ESP) are the MSMEs Survival Fund and Guaranteed Off-take Scheme.

“The Steering Committee endorsed the execution of the 2 Schemes in 5 unmistakable parts specifically; the Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme, General MSMEs Grant and the Guaranteed Offtake Scheme.

“Under these two segments, the entryway will open from 11:59 pm on Tuesday, ninth February 2021 to Thursday eighteenth February 2021 for the Guaranteed Off take Scheme (GOS) and General MSME Grant Applications. All intrigued MSMEs can go straightforwardly to the Portal and register for both of the Schemes complimentary.”

The Minister clarified that the reason for GOS is to animate direct neighborhood creation by empowering 100,000 MSMEs in the creation area with assets to deliver post-Covid lockdown boost items.

While calling attention to that the plan would offer inclination to items delivered in sensibly adequate volumes in each State of the Federation, Katagum said that the item should have the option to make occupations and have a multiplier impact on the encompassing economy.

She recorded a portion of the results important to the Federal Government to include: face covers, hand sanitiser, fluid cleanser, disinfectant and handled food sources.

Making his own commitment, the Special Assistant to the President of MSMEs in the workplace of the Vice President, Mr Tola Johnson, uncovered that an aggregate of 100,000 organizations across the 36 states and FCT would profit by the new plans.

Johnson added that the entrance for the GOS would be opened for about fourteen days while the entry for the award would be opened for seven days.

He recorded a portion of the conditions to fit the bill to partake in the plan to incorporate; organizations should be enrolled in the Corporate Affairs Commission (CAC), should be claimed by a Nigerian and should have at least two staff and that the dispensing would be on a first-start things out served premise.

What you should know

The N60 billion MSME Survival Fund and the N15 billion Guaranteed Offtake Scheme, which is the center of the N2.3 trillion improvement bundle of the Nigerian Economic Sustainability Plan, was hailed off on September 21, 2021.

The 2 MSMEs activities were presented by the Federal Government as a component of its endeavors to help organizations beat difficulties presented by the Covid-19 pandemic.

The MSMEs Survival Fund plot is a restrictive award to help weak miniature and little undertakings in gathering their finance commitments and shield occupations in the MSMEs area.

The plan is required to save in any event 1.3 million positions the nation over and explicitly sway on more than 35,000 people for every state

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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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Google founders earn $42 billion in 100 days

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Google originators Larry Page, 48 and Sergey Brin, 47 have brought in more cash on the whole than the absolute unfamiliar money save possessions of Africa’s greatest economy.

Larry Page, as of now worth $104 billion, has acquired $21.2 billion out of 100 days; while Sergey Brin, with an abundance valuation of $100 billion, procured $20.4 billion in a similar period. Altogether, the two men have procured $41.6 billion, overshadowing Nigeria’s unfamiliar money hold which as of now remains at a gross valuation of $35 billion.

Most of Larry page’s abundance comes from his stake in Alphabet, the parent organization of Google. The Standford prepared business person presently holds $12.6 billion in real money.

Sergey Brin’s abundance valuation is additionally gotten from his stake on the planet’s most well known web crawler and by and by, his money holding is esteemed at $12.7 billion.

Noteworthy development from the world’s most remarkable economy helped purchasing tension on Google offers and its organizers saw their abundance valuation flood. Worldwide financial backers are progressively hanging on the tech juggernaut’s offers as stunning monetary information from America’s administration ventures combined with a development in the tech area filled the climb in Google shares found lately.

Thus, financial backers are heaping critical measure of assets into Alphabet Inc., the parent organization of Google, with reports saying it won its latest high legal dispute against Oracle, a case that has waited for around 3 years.

Late value activity uncovers the stock is as of now exchanging at $2,285.88 approaching its 52-week high of $2,289.04 with a yearly profit from speculation as of now fixed at 89%.

Stock savants are astonished by such record gains in Google shares notwithstanding a quick move seen recently by some institutional financial backers into utility, energy-based stocks and of late U.S Treasury securities.

The organization as of now has a market estimation of about $1.54 trillion.

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CBN freezes 11 bank accounts of companies, individual

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The Central Bank of Nigeria (CBN) on Wednesday reported that it got a break request from the Federal High Court, Abuja division, to freeze 11 financial balances of 5 organizations and a person for 45 days to empower it to direct examinations concerning dubious exercises.

The request follows an exparte movement, dated March 12 and recorded on March 16, looking for the compulsory request of the court to coordinate First City Monument Bank (FCMB) Limited, to freeze all exchanges on the recorded records and any remaining financial balances of the respondents for 180 days forthcoming the result of examination and request right now being directed by the CBN.

As indicated by the assertion from the CBN who is the offended party, the recorded names of the litigants/respondents incorporate Albert Austin Ugochukwu with 2 ledgers, Belfour Energy and Allied Services, Belfour Oil and Gas Limited with 3 financial balances, Circle Flow Integrated Services, Kacynaus Reality Nigeria Limited with 3 financial balances and Tasmara Integrated Services.

The court report additionally expresses that the request was given by the court after perusing the Affidavit on the side of the Application, Affidavit of Urgency, Verifying Affidavit and Affidavit of Non-Multiplicity of activity all removed by an Assistant Manager of the CBN, Central Business District, Oluwatoyosi Suwebat Oladipo, along with a joined show.

The request from the Federal High Court part of the way peruses, “A between time Order is made enabling the candidate to coordinate the Head Office of First City Monument Bank Ltd to freeze forthwith all exchanges on the financial balances recorded on the movement paper for a time of 45 days just forthcoming the result of examination presently being led by the Central Bank of Nigeria.”

The archive additionally expresses that the request which was given by the Presiding Judge, A.R. Mohammed, was sustainable on lapse however just on valid justifications appeared and any individual influenced by this request was qualified for approach the court to look to save, release or have the request surveyed for valid justifications, he said.

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