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Published On: Tue, May 15th, 2018

Niger govt. disburses N2bn CBN loan to beneficiaries

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From Yakubu Mustapha Minna

The Niger State Government has said that the state has accessed its N2billion Central Bank of Nigeria, CBN, Small and Medium Enterprises loan for 11,578 beneficiaries out of N260billion Federal Government scheme for nine million Nigerians.
The State Commissioner of Commerce and Investment, Hon. Mudi Muhammad disclosed this yesterday in Minna at a press briefing saying that the first tranche of N1billion was released on 19th March, 2018 and the recent release of second tranche for disbursement.
Muhammad stated that this has created over 3,000 jobs for the teaming youths and women in the state.
He said the scheme was targeted at over 20,000 Nigerlites, noted that it is with 9% interest rate, that every state has the mandate that access almost N2 billion.
He hinted that 60% of the amount of the funds was targeted at women through their cooperatives while 40% is meant for others that included 2% (40million) out of which 32million has been accessed by the physical challenge people.
The commissioner explained that 2,261 jobs were created for the youths through the scheme in Niger state adding that the state government had followed all the due process to leather hence the non-delay by the CBN.
The Director General SME, Audi Mohammed noted that it is a loan for repayment within its meritorious not a grant just as the state government has cleared its responsibility for nominating ICPO, transmitted letter to the state assembly for the loan, signed MOU with CBN, Participating Financial Institutions (PFI) four commercial banks and 14 Micro Finance Banks ad disbursing banks.
Mohammed added that the loan had two component of micro form businesses that will have a maximum of N500,000 while the macro component is entitled to a maximum of N5million with payment in 12 and 36 calendar months respectively.
He urged beneficiaries to register with this Nigerian Agricultural Insurance Company (NAIC) in chase of disaster related issues insisted that its a loan that must be paid back hence this disbursement is still ongoing.
He further said that the illegible target of the loan to includes; Agricultural chain, artisans, cooperative societies, services and startups, assured of adequate monitoring and evaluation of the scheme hence the governor had earlier mandated for me tour of the 25 local councils to authenticate the viability of the claimed cooperatives.

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