Schools, hotels, others to benefit from MSMEs support scheme –Osinbajo 

Vice-President Yemi Osinbajo said on Thursday private schools, hotels, and road transport workers, among others, would benefit from the stimulus package the Federal Government had put in place for Micro Small and Medium Enterprises to cushion the effect of the COVID-19 pandemic in the country.

Osinbajo, who stated this at the 2020 edition of the MSMEs Awards, said the support scheme had been covered by the government’s Economic Sustainability Plan.

According to him, the survival fund would help provide payroll support to MSMEs with up to 50 staff members.

He said the MSMEs that qualify for the fund would make available their payroll to the government for verification.

The vice president said: “The target beneficiaries of this scheme will include private schools, hotels, road transport workers, creative industries, and others.

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“The verification process will be very rigorous and painstaking.

“In addition, we have a N200billion fund which will be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas and aviation among others.

“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 a N100billion target credit facility for MSMEs. Already the recently signed Finance Act already made provision for a graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies.”

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