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Entrepreneurs fault FG’s guidelines on N70bn bailout fund

Stakeholders in Micro, Small and Medium Enterprises (MSMEs)  in the auto industry have decried the inability of the  Federal government (FG)  to effectively  disbursed the N70bn COVID-19 bailout fund earmarked for the sector to rescue ailing companies.

The N60 billion MSMEs Survival Fund is being implemented by the FG to help cushion the impact of the Covid-19 pandemic and boost the economy by saving existing jobs and creating new job opportunities, while the N10billion Covid-19 bailout was an intervention fund released to operators in the Nigeria’s auto industry which is targeted at cushioning the negative effects of Covid-19 as well in that sector.

According to a source,  the huge fund is causing ripples as some operators, especially in the auto sector, are alleging that they were sidelined in the disbursement.

It was learnt that among the operators who have been asked to submit documents for verification were the interstate luxury bus operators under the aegis of the Public Transport Owners of Nigeria Association (PTONA).

Having lost billions of naira due to the 98-day lockdown due to the Covid-19 pandemic, they had expected they would deploy the palliative to beef up their business but up till now they are yet to benefit.

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