The Federal Government has disclosed that private schools are to benefit from the stimulus package the present regime has put in place for Micro Small and Medium Enterprises to cushion the effect of the COVID-19 pandemic.
Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, in a statement, said the stated this at the 2020 edition of the MSMEs Awards
Osinbajo said other sectors to benefit from the support scheme which had been covered by the government’s Economic Sustainability Plan, include hotels, creative industries, road transport and others.
He said the survival 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 explain, will make available their payroll for verification by government.
“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 a 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 a 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.”
