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Microfinance: Ekiti disburses N40m to entrepreneurs

By Gbenga Ariyibi Ado Ekiti

Ekiti State has  disbursed  the sum of N40 million micro-credit revolving loan to about 1,000 self employed individuals and groups  across the  state.

Speaking while distributing cheques to the beneficiaries of the loan in Ado Ekiti, the state governor, Dr Kayode Fayemi said he decided to jettisioned the mentoring  method  adopted by the immediate past administration led by Engr Segun Oni in the state

He regretted that  millions of naira  of micro- credit fund  belonging to the state government were trapped in the hands of mentors and guarantors of the beneficiaries during the regime, saying he preferred to have a direct  access to  individuals and groups who wish to benefit  from the revolving loan.

Fayemi assured that his government  would not mount undue pressure on the beneficiaries in its attempt to recoup the fund from them, just as he would give recognition to individuals and societies that indicate intention to benefit from scheme.

The governor urged the beneficiaries to respond quickly to the repayment of the loan to allow other  members of the public to benefit.

Fayemi noted that members of the drivers and motorcyclists unions in the State have benefited similar gesture in the past, adding that all the sectors of the economy will benefit from the gesture to give the State a robust economic base  to reduce poverty among the citizenry.

He said  his government is  poised towards making poverty a history in the State by tackling the menace at all fronts through provision of jobs to unemployed youths and by encouraging self employment among the youths.

Responding on behalf of the beneficiaries, the Iyaloja of Igbara-Odo Ekiti in Ekiti South West Local Government Area of the State, Chief Mrs Ajoke Haastrup, appealed to members to make judicious use of the fund

She appealed to them to repay the money at the expected time to encourage the government to sustain the scheme and widen the frontiers for more beneficiaries.


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