Okonjo-Iweala s Hard Truths for Economic Sustainability thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
James Emejo aggregates analystsâ perspectives on Nigeriaâs recent exit from recession and concludes that more efforts are required by the fiscal and monetary authorities to strengthen recovery in subsequent quarters
Perhaps, it was no music to the ears to many when the countryâs economic managers projected last year that the countryâs second consecutive economic recession which happened in the third quarter, would be short-lived.
This is understandably so because the slow progress in getting out vaccines that could put an end to the COVID-19 pandemic, which had ravaged the global economic landscape among other things.
The economy slipped into a recession in November last year when growth contracted for the second consecutive quarters by 3.62 per cent in Q3 and previously grew by-6.10 per cent in Q2.
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By James Emejo
The Bank of Industry (BoI), yesterday said about 311,000 employees of small companies have been supported under the payroll support initiative of the MSME Survival Fund Scheme.
Stakeholder Engagement Representative, BoI, Mr. Akan Ekure, added that about 64,000 companies had also been verified to date.
The payroll support scheme was introduced by the federal government to ameliorate the adverse impact of the COVID-19 pandemic on small and medium enterprises to enable vulnerable Nigerians keep their jobs and as well as the businesses to thrive.
Under the initiative, employees of approved enterprises are paid between N30,000 to N50,000 for a period of three months.
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In furtherance of its support for small businesses to cushion the economic effects of the COVID-19 pandemic under the implementation of its Economic Sustainability Plan, a total of 296,032 Nigerians has so far benefitted from the Federal Government’s ongoing MSME Survival Fund Payroll Support track, while there are 166,000 beneficiaries under the Artisan Support track.
In the same vein, 100,000 businesses have so far benefitted under the formalization support track of the Federal Government MSMEs Survival Fund, which is aimed at registering 250,000 new businesses for free with the Corporate Affairs Commission (CAC).
The payroll support track targets supporting 500,000 beneficiaries with payment of up to N50,000 per employee for a period of three months, with the disbursements to approved Payroll Support beneficiaries commencing in November 2020.