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FG Flags-Off N15B Guarantee Off-Take Scheme

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The Federal Government has officially flag off the 15 billion naira Guarantee Off-Take Scheme, a component of the Nigeria Economic Sustainability Plan designed to cushion the effect of COVID-19 on Micro, Small and Medium Enterprises in the country. 75 billion naira was earmarked by the government for the MSME Survival Fund while 15 billion naira was allotted to the track, Guarantee Off-Take Scheme. 50 billion naira has since been disbursed to the beneficiaries under the artisanal, payroll, transport, formalisation support scheme and general MSME grant. Speaking at the commencement of the Guaranteed Off-Take Scheme, the Minister of state, Industry, Trade and Investment, Mariam Katagum said the scheme though not without challenges impacted positively on the people and the economy. She also attributed about 23 thousand failed payment that was later addressed to wrong Bank Verification Number (BVN), dormant account, inaccurate information among other challenges. The Special Assistant to the President on MSMEs, Tola Johnson and the Director General, SMEDAN, Dikko Radda also spoke on the Guarantee off-take scheme Meanwhile, the Minister of Industry, Trade and Investment, Mariam Katagum said at the end of the off-take process, items procured would be handed over to the State Governments for onward distribution to Schools, Hospitals, NGO’s, as well as other public and private institutions it may wish to consider as beneficiaries. She emphasised that the balance of funds from Guarantee Off-Take Scheme will be re-purposed and applied to other tracks where there are high numbers of applicants on the waiting list.

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