BY NDAHI MARAMA

As part of his administar-tion’s policy to assist traders in Borno State, Governor Kashim Shettima has pledged to release the sum of N2 billion interest-free loans to over 10,000 market women and traders at the Maiduguri Monday Market (MMM)

Besides the interest-free or soft loan, the governor has also waived off six months’ market shop rents paid by traders and other shop owners.

Kashim disclosed this at the Government House, Maiduguri when members of the Monday Market Traders Association (MMTA), led by the General Manager, Ajiya Terab paid a courtesy visit to the governor.

Shettima emphasized that the waiving-off of the six months’ shop rents became inevitable, as the level of business activities has dwindled coupled with the economic meltdown, adding that the write-off of rents will assist traders and other market women in recovering their losses in market sales.

He added that the decision became necessary, so that the affected traders will strategise to recoup the loss of sales caused by the economic downturn and insecurity of lives and property for quiet sometime now. He pointed out that the state government is to release N2 billion to traders before the end of this year to continue with their businesses.

Speaking on the conditions of the interest-free loan, he said: “We are going to assist all of you here along with your members with N2 billion, so that each and every one of you can recover from the loss of sales in the market. This loan is interest-free without any charge, so that the rate of defaults in payment is fully minimized and allows other traders to benefit from the trading loans,” Shettima stated.

Terab, the general manager of MMAK disclosed that the state government generates about N2.8million monthly from shop/stall rents, adding that with the waiver of six months’ rent by the Governor, the 10,000 affected traders will save no less than N28.8 million on rents for the next six months or in November this year.

He said the decision to write off traders’ shop rents is part of the new government’s policy to enhance socio-economic development of the people of the state, stressing that, it is an inevitable strategy of assisting traders at the Monday Market to boost their sales revenues and profits to overcome the harsh economic downturn in the state.