FCTA To Create Microfinance Institutions In All Council Areas

ABUJA, June 24, (THEWILL) - The FCT Administration has concluded plans to create microfinance institutions in all the six Area Councils of the Federal Capital Territory, Abuja.
The FCT Minister, Senator Bala Abdulkadir Mohammed stated this on Thursday at the occasion of the official passing-out of Batch ‘B’ 2009 members of the National Youth Service Corps (NYSC) at the Old Parade Ground, Area 10, Garki I District, Abuja.

The Minister revealed that the microfinance institutions have been planned in consonance with the guidelines of the Central Bank of Nigeria to cater for the teeming youths in the Federal Capital Territory to get credit facility that would make them self-reliance.

Senator Mohammed who was represented at the occasion by the FCT Transportation Secretary, Engr. Jonathan Achara Ivoke remarked that the new institution would support small scale businesses and alleviate poverty.

His words: "The FCT Administration is fine-tuning measures at floating microfinance institutions that would support small scale businesses and alleviate poverty."

The Minister challenged other financial institutions in the country to strive at this point to better discharge the responsibility of making loan facilities available to those who truly need them.

Senator Mohammed paid tribute to the founding fathers of the scheme; reiterating that NYSC has proven to be a veritable and enduring vehicle for effective youth mobilization, addressing critical issues of national development, integration and overall nation-building.

The Minister urged them to take advantage of the initiatives by the National Directorate of Employment (NDE), Poverty Eradication Programme (NAPEP) as well as Small and medium Enterprises Development Agency (SMEDAN), which are designed to drive home government efforts at poverty reduction, employment generation, value re-orientation and wealth creation.

He admonished them to shun negative tendencies such as violence, drug abuse, cultism, prostitution, thuggery, armed robbery and fraud; stressing that these vices can only compromise their future.

According to him, the NYSC scheme was not only established to further unite Nigeria but also to forge socio-economic growth and rural development of the entire country.

Senator Mohammed assured that the FCT Administration would continue to render support to the NYSC scheme, in the provision of enabling environment and logistics for the execution of its programmes.

Welcoming guests to the ceremony, the coordinator of the FCT NYSC, Mrs. Linda Amugo disclosed that about 4,316 Corps members that had their primary assignment in the Federal Capital Territory had passed-out at the occasion.

He charged them to be good ambassadors of the National Youth Service Corps (NYSC); stressing that the society expects so much from them.