Farmers and other community groups in Yobe State are set to benefit from a non-interest loans to boost their production.
This is following the launch of the second disbursement of $2,525,000 Non-Interest Community Revolving Fund loan by the state governor, Mai Mala Buni on Saturday in Damaturu.
According to a statement by the governor’s spokesman, Mamman Mohammed, about 101 communities and farmer groups would benefit from the disbursement.
With this, Mamman said his principal aims to drive economic growth, provide employment opportunities and create wealth for Yobe people.
“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,” Buni said.
At the launching ceremony, Buni said that 10 pilot communities in Damaturu and Nguru Local government areas have received $25,000 (N32,500,000.00) each last year.
A report, he said indicated that the funds were judiciously used by the beneficiaries and they have start repaying their dept.
“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,” Buni said.
Buni believes that economic growth is a collective responsibility and all hands should be on deck to achieve that.
While calling on the new beneficiaries to also used the laon productively, he urged them to ensure timely repayment for the success of the program, noting that, doing so, would encourage the government to introduce similarly 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,” he said.
He also commended ACReSAL, the coordinators of the program for the smooth process of identifying and guiding the benefitting groups to qualify and benefit from the scheme.
He reiterated the readiness of the state government in partnering with the federal government and other partners to make life more meaningful to the people of Yobe.
