The Buhari Media Organisation (BMO) has commended the Federal Government for the swift implementation of its Economic Sustainability Plan (ESP), as announced by President Muhammadu Buhari on March 30, 2020.
Chaired by Vice President Yemi Osinbajo, the Economic Sustainability Plan has been commended by many Nigerians as a brilliantly articulated national economic recovery and wealth creation blueprint aiming to support vulnerable sectors and create five million jobs.
In a press statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the BMO said despite the limited resources available to the Federal Government, the takeoff of the ESP program is another evidence of the Buhari Administration’s unwavering commitment to lifting many Nigerians out of the morass of economic despondency.
The Economic Sustainability Plan (ESP) initiatives which had been approved and announced long before the #EndSARS protests is designed to focus on such critical projects as the Mass Agricultural Programme, Business Support for MSMEs, Informal Sector Support, Technology, and Infrastructure, which include Mass Housing, Extensive Public Works and Road Construction Programmes, Installation of Solar Home Systems and Investments in Healthcare Facilities.
“The scheme is targeted at vulnerable segments of the populace which will play a huge role in Nigeria’s economic recovery and transformation process.
“The implementation of the Economic Sustainability Plan (ESP) has begun with the payment of N30,000 one-time grant to 330,000 artisans who are verified beneficiaries of the Artisan Support Scheme across the country.
“The first stream of payments has beneficiaries drawn from the FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Rivers, Plateau, and Delta States. They form the first batch of applications for the scheme submitted between October 1 and October 10, 2020.
“The registration of applicants for Stream 2 began on October 19, 2020. States under Stream 2 are Edo, Ogun, Ekiti, Katsina, Kebbi, Kogi, Kwara, Enugu, Ebonyi, Adamawa, Taraba, and Bayelsa.
“It is worthy to note that the formalization support under the MSME Survival Fund that involves free business name registration for 250,000 MSMEs nationwide by the Corporate Affairs Commission (CAC), will also commence soon.
“According to the CAC, 6,606 business names in each of the 34 states will be registered for free. In Abuja, there will be 7,906 free registrations; 9,084 in Lagos; and 8,406 free business names from Kano.
“Also, the commencement of the Guaranteed Offtake Scheme under the Survival Fund designed to safeguard existing small businesses and save jobs, while ensuring continued local production by guaranteeing off-take of priority products, will be announced soon.
According to the group, the N2.3 Trillion Economic Sustainability Plan consists of fiscal, monetary, and sectoral measures to enhance local production, support businesses, retain and create jobs, as well as provide succour to Nigerians, especially the most vulnerable.
“This program is a powerful testimony to President Buhari’s determination and capability to fulfil his promise to bring 100 million Nigerians out of poverty.
“With this life-touching program by President Muhammad Buhari, we call upon Nigerians to rise and stand with this President who is structuring a long term success plan for the Nigerian economy. This is yet another evidence of governance with a human face, even in dire situations. This Administration has been quick and committed to implementing sustainable poverty-alleviating measures and encouraging the growth of small businesses, the statement added.