State Government Allocates N1 Billion for Interest-Free Loans to Support Small Businesses
The Abia State government has earmarked N1 billion for an interest-free revolving loan aimed at supporting 9,200 beneficiaries across the 184 wards under its cooperative scheme. This initiative, announced by the Commissioner for Information and Culture, Okey Kanu, during a media briefing, aligns with one of Governor Alex Otti’s 2023 campaign promises.
Key Points of the Scheme:
– Beneficiaries: 9,200 recipients from all 184 wards in the state.
– Purpose: To support nano and micro business operators in Abia State, providing them with financial assistance to overcome economic challenges.
– Nature of the Loan: Interest-free, revolving loan to ensure sustainability and continuous support for more beneficiaries over time.
Commissioner’s Remarks:
Okey Kanu described the scheme as both a palliative measure and an empowerment program designed to ameliorate the economic difficulties faced by small business operators due to the current economic conditions in Nigeria. He highlighted the potential short-, medium-, and long-term positive impacts on the state’s economy, expecting a significant boost to local businesses.
Finance Commissioner’s Statement:
During the briefing, Finance Commissioner Mike Akpara addressed and debunked viral media reports claiming he receives N10 million monthly from the government’s coffers. He categorically denied these allegations, stating that neither he nor any of his colleagues receive such large sums.
Quotes from the Briefing:
– Okey Kanu: “This is meant to support nano and micro business operators in the state. It is meant to help them in their businesses.”
– Mike Akpara: “I want to categorically state here that the commissioner of finance does not take home N10 million monthly from the government’s coffers. It is not done anywhere.”
The Abia State government’s allocation of N1 billion for an interest-free revolving loan underscores its commitment to supporting small businesses and improving the state’s economy. This initiative is expected to provide much-needed relief and empowerment to many small business operators across the state, fostering economic growth and stability
