Governor Babagana Umara Zulum of Borno state has disbursed N30,000 as micro-credidt loan to about 1,307 petty traders as part of the sate govemrent empowerment programme for owners of small businessmen and women in the state.
The beneficiaries were drawn from the famous Monday market, Metro plaza, Budum market, Customs Gamboru market, Baga road market and other organized traders’ unions aimed at boosting their businesses.
Governor Babagana Zulum who personally flagged off the cash disbursement for the beneficiaries at Custom Market at the weekend with the vegetable sellers and other shops owners in attendance 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 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 l 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 if 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 prooer use of the loan judiciously.
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 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.
