Buni boosts MSMEs with $2.5m loan to 101 Yobe communities, farmers

Yobe State Governor Mai Mala Buni has launched a second disbursement of $2,525,000 non-interest revolving fund loan to 101 communities and farmer groups in the State.

This was contained in press statement issued to the newsmen by Mamman Mohammed, Director General Press and Media Affairs to the Governor in Damaturu, Yobe State Capital, on Saturday.

Governor Buni said that the non- interest revolving fund was aimed at driving economic growth, providing employment opportunities and creating wealth.

“It is an investment revolving facility sourced by the State Government for communities and farmer groups to expand agricultural developments and strengthen the role of communities in the management of their environment for economic prosperity.

“This occasion is another milestone achieved by the state government by supporting 101 communities, and in line with our policy on youth empowerment, l have directed the allocation of 4,825 slots out of the total 7,340 slots to the youths for maximum engagement and benefit of the Community Revolving Fund loan programme” he said.

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According to the Governor, 10 Pilot communities in Damaturu and Nguru Local government areas received $25,000 (N32,500,000.00) each last year.

“Reports reaching my office indicate that the benefitting communities and farmer groups have made good use of the facility, and commenced the repayment to sustain the revolving scheme, and afford others the opportunity to benefit”, Gov. Buni added.

He charged the beneficiaries on judicious use of the loan and ensure repayment for the success of the programme to spur the Government to introduce more incentives.

“We have a duty to join hands to effectively combat economic, environmental and other social challenges for the betterment of our people and the State”.

The governor commended ACReSAL for the smooth process of identifying and guiding the benefitting groups to qualify and benefit from the scheme.

He reiterated the readiness of Yobe State Government for more partnership with the Federal Government and other partners to make life more meaningful to the people.