Osinbajo says expanding the scope of the economic sustainability plan is now inevitable

It has become imperative to expand the scope and reach of the Survival Fund which is under the Economic Sustainability Plan (ESP), according to Vice President Yemi Osinbajo.

The vice president dropped the hint during a virtual meeting attended by Minister of State for Industry, Trade and Investment, Amb Mariam Katagum who is the Chairperson of the Committee and Chairman of First Bank, Mrs Ibukun Awosika, the Committee's Vice Chairperson, among other members.

According to the vice president's office, the scheme has commenced disbursement to about 500,000 beneficiaries: the Payroll Support Scheme has paid close to 350,000 beneficiaries; almost 166,000 0f 300,000 artisans have benefitted from the Artisan and Transport Scheme; and the Corporate Affairs Commission is ramping up numbers to register 250,000 new businesses free of charge.

By the end of December, some 400,000 Payroll Support beneficiaries would have received salaries for October to December, while structures have been put in place to commence the General Grants and the Guaranteed Offtake Scheme early next year, says Laolu Akande who is the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President.

Speaking on the implementation of the scheme and the need to expand the scope, the vice president said “the data indicating what you have done so far shows that it is possible for government to deliver big programmes, and to deliver them credibly.

And it is possible for people to actually benefit from government programmes especially with as little interference as possible from the political forces which is what has been the bane of several government programmes in the years past.”

Osinbajo added that: “I think that we must find ways of expanding the scope of the scheme, because when you look at the numbers that we have approval for, the numbers are small in comparison to the enormity of the problems that we are faced with.

“Even if we are able to reach two million beneficiaries, it is still a tiny percentage of the millions who require help and assistance. So, I think, we have to find ways of trying to seek an approval to expand the scope of the scheme. This is an important aspect of it.”

The vice president also commended committee members for their efforts in impacting the lives of beneficiaries of the Payroll Support, the Artisan and Transport grants as well as beneficiaries in other tracks of the scheme.