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Published On: Tue, Nov 27th, 2018

Akeredolu gives N550m loan to women, artisans

Ondo State Governor Oluwarotimi Akeredolu (SAN) yesterday released N550 million loan to market women, entrepreneurial groups and cooperatives societies.

He said the measure was part of his administration’s efforts to tackle poverty, banish hunger and create wealth across the state.

Akeredolu spoke at the launch of Apalara Micro-Credit Loan Scheme and presentation of N550 million cheques for the empowerment of various groups and associations in Akure, the state capital.

The governor said the scheme was conceived to sensitise, re-orientate and inculcate the spirit of self-reliance and self-sustenance in the residents.

Akeredolu, who was briefed when he assumed office about various loan regimes in the micro-credit agency and the humongous backlog of unrecovered loans disbursed by previous governments in the state, spurred the agency to embark on a strategic plan to address lapses identified in past governments’ loan administration.

The governor noted that the task of the agency gave birth to the new brand, called “Apalarab Micro-Credit Loan Scheme”.

He said: “The scheme is to inculcate in our people the spirit to properly utilise credit facilities obtained from the state’s micro-credit agency, particularly on the need for them to appreciate the fact that funds disbursed should not be taken as their own share of the national cake.

“As a fallout of our determination to lift the people of Ondo State out of poverty in the land, N550 million has been approved by our administration to be disbursed to various groups and individuals at a single digit interest rate.”

Of the total sum, market women are to get N357.5 million (65 per cent), while men will get N192.5 million (35 per cent).

Akeredolu said the state government had evolved a well-articulated credit management system for loan beneficiaries to ensure efficient risk management to guide against defaults so that Apalara loan scheme would be sustained.

The governor urged the beneficiaries to genuinely apply the money.

He added that the route to poverty eradication is through hard work, efficient management of available financial resources and positive attitude to life.

The Chief of Imam of Akure, Alhaji Yayi Akorede, and beneficiaries of the loan scheme hailed the governor’s initiative.

The Chief Imam described Akeredolu as a good leader in the distribution of government’s programmes to the people.

 

Source: 

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