The creative industry, hotels and private schools among others will benefit from the Federal Government’s N2.3 trillion stimulus packages under the National Economic Sustainability Plan (NESP), Vice President Yemi Osinbajo has disclosed.
The VP disclosed this during the week at the 2020 edition of the Micro MSMEs Awards which held via virtually.
Speaking during the virtual conference, Osinbajo who heads the Economic Sustainability Committee, said the stimulus package would help Micro Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges caused by COVID-19.
The survival fund includes payroll support for three months and guaranteed off-take scheme, among others.
President Muhammadu Buhari and the Federal Executive Council have approved the plan.
MSMEs would go through a rigorous and painstaking verification process to benefit from the scheme. MSMEs that have between 10 to 50 staffs are qualified for the fund.
The businesses must make their payroll available to the government for verification while applying for the fund. Once qualified, the MSMEs will be eligible to have their staff salary paid directly from the fund for three months.
Recall that the Minister of Information and Culture, Lai Mohammed had inaugurated the Post-COVID-19 Initiatives Committee on the Creative Industry on May 19 to assess the expected impact of the pandemic on the creative industry in general and advise the government on how to mitigate job and revenue losses.
The body was also tasked to suggest the taxation and financing model most suitable for the creative industry in the COVID-19 season to encourage growth and recommend additional measures to support the sector.
He had received the Committee’s report some weeks ago and said that the government would implement its recommendations within the realms of available resources.
Members of the Committee were: Ali Baba (Chairman); Hajia Sa’a Ibrahim (Vice-Chairman); Bolanle Austen Peters; Charles Novia; Segun Arinze; Ali Jita; Baba Agba; Kene Okwuosa; Efe Omoregbe and Prince Daniel Aboki.
Others were Chioma Ude; Olumade Adesemowo; Dare Art Alade; Oliver Enwonwu; Alhaji Saleh Rabo; Bala Hassan; Ali Nuhu; Tajudeen Owoyemi; B.M. Dzukogi; TY Bello; Lanre Da Silva Ajayi and Anita Eboigbe (Secretary).