Borno Govt. Disburses N154m to 704 SMEs

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MAIDUGURI, North-East, Nigeria – Governor Babagana Zulum, on Sunday disbursed N32m cash to 704 Small and Medium Entreprises, (SMEs), making a total sum of  N154m disbursed in the last one week, to boost small businesses, stimulate the local economy and fight poverty in the state.
The event held in Damboa road saw 304 persons in small businesses, as well as their counterparts in Kulo Gumna, 400 persons all received N50,000 each. A total sum of N35.2 million naira was disbursed during the exercise.
Prior to today’s exercise, the sum of N75 million was distributed to cola nut sellers; N20 million to traders around Dandal and another N24 million to traders operating around Customs Roundabout in Maiduguri metropolis, where each of the beneficiaries also received N50,000 to boost their small businesses.
Gov Zulum charged the beneficiaries to make proper use of the empowerment package given to them, saying, the disbursement was in fulfillment of his campaign promises to the people.
Addressing the media, Zulum said; “We want to empower them. You are aware that many of our people have completly lost their means of livelihoods as a result of insurgency.
“Empowerment is one of the items in our 10 pact agenda, so in fulfillment of our campaign promises we have to empower our people so that they can be self-employed.
“I appeal to the beneficiaries to make judicious utilization of the little we have given them so that it can grow and make some impact,” he admonished.
Speaking earlier, the General Manager of Renaissance Microfinance Bank, Dr. Bello Ibrahim, disclosed that over N1 billion has so far been disbursed within one year, to various clubs and associations.
In December 2019, N384m was distributed to empowered street beggars while in January 2020, N515m was disbursed in ‘cash for work’ programme in which 2,862 members “Ecomog”, an outlawed political thuggery group, were each paid N30,000 monthly for half of the year for cleaning the streets.

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