Vice-President Yemi Osinbajo says private schools will benefit from the stimulus package the government of President Muhammadu Buhari has put in place for micro small and medium enterprises to cushion the effect of the COVID-19 pandemic.

Speaking at the 2020 edition of the MSMEs awards which held virtually on Thursday, Osinbajo listed hotels and road transport workers among the beneficiaries.

Osinbajo said the survival fund would help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff members.

“I am glad to note that this year has been an exception despite the challenges posed by the Covid-19 pandemic. Locally, businesses are facing their most challenging time and the impact is particularly severe on MSMEs,” he said.

“The central plank of our response as a government to the economic challenges posed by the Covid-19 pandemic has been the Economic Sustainability Plan recently approved by President Muhammadu Buhari and the Federal Executive Council.

“In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses.

“The guaranteed off-take scheme seeks to provide support for MSMEs, manufacturing local products by guaranteeing the purchase from them of qualifying products such as face masks, hand sanitisers, PPE for medical workers, etc.

“These products will be distributed to Nigerians, Nigerian institutions and entities that would require them.

“Every person who has taken it upon themselves to start a business in Nigeria no matter how small is a champion and we as a government owe it to you to create an enabling environment for you to thrive,” he said.

“This is President Muhammadu Buhari’s commitment to MSMEs in Nigeria that we will continue to stand by you and to support you and to create opportunities for you to grow and prosper.”

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