Zulum Disburses N40 Million Cash As Loan To 1,307 Petty Traders in Borno
Governor Babagana Umara Zulum of Borno State on Saturday disbursed N30,000 cash as micro-credidt loan to 1,307 petty traders as part of the sate govemrent empowerment programme for owners of small and medium level businessmen and women to custom their business challenges.
The beneficiaries were drawn or selected from the famous Monday market, metro plaza, Budum market, customs Gamboru market, Baga road market and other organized traders unions aimed at boosting their trades and businesses.
Governor Babagana Zulum who personally flagged off the cash disbursement for the beneficiaries at Custom Market with the Vegetable sellers or grocers and other shop owners said government will in no distance future formulate policies that will enhance the growth of new and small scale businesses by providing financial and technical assistance to improve their businesses.
He added that government will also review legislations in the state to improve the institutional capacity of Borno State investment Company and Borno Market Company to create commercial and entrepreneurship opportunities for the teeming unemployed youths.
"Iit's unfortunate that today, we have a very high population of unemployed able bodied youth coupled with security challenges that has placed so many people redundant .
"Government will do anything possible to promote small and medium scale businesses", Zulum said.
The Governor however urged the beneficiaries to make effective and judicious use of the loans and endeavour to pay back their loans on time so that other traders could also benefit from the programme.
He also said that any beneficiary who is able to pay 50% of the loan within one year, the state government will consider weaving the remaining 50% of the loan facility while directting the Borno State Ministry of Poverty Alleviation and Youths Empowerment to put up a mechanism for strict monitoring and supervision of the disbursement and repayment of the loan.
Ealier in her address, the Acting Permanent Secretary, State Ministry of Poverty Alleviation and Youths Empowerment, Hajiya Aisha Ibrahim Adulrahman thanked the governor for the gesture and assured that the ministry will ensure that those who benefited from the loan facility make proper use of the loan.
In their separate vote of thanks, Alh. Ali Yanaye on behalf of the male traders and Hajiya Lami Mohammed on behalf of the female traders that benefited were full of joy and appreciation to Governor Banagana Zulum for the gesture and assured that they will make good use of the loan for the purpose it is intended for.