Wahala Over N70bn Survival Fund For MSMEs – The N10bn Covid-19 bailout as intervention fund to operators in Nigeria’s auto industry and the N60 billion Micro, Small and Medium Enterprises (MSMEs) Survival Fund which is expected to rescue ailing companies to reposition both sectors have been shrouded in controversy, with both industry stakeholders and government officials finding it difficult to differentiate between the two.
The N60 billion MSMEs Survival Fund grant is being implemented by the President Muhammadu Buhari administration to help cushion the impact of the Covid-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.
However, the N10billion Covid-19 bailout was an intervention fund released to operators in Nigeria’s auto industry which is targeted at cushioning the negative effects of Covid-19 as well in that sector.
It was gathered that the huge fund is causing ripples as some operators, especially in the auto sector, are alleging that they were sidelined in the disbursement.
It was learnt that among the operators who have been asked to submit documents for verification were the interstate luxury bus operators under the aegis of the Public Transport Owners of Nigeria Association (PTONA).
Having lost billions of naira due to the 98-day lockdown due to the Covid-19 pandemic, they had expected they would deploy the palliative to beef up their business but up till now they are yet to benefit.