Student Loan

Gov. Zulum Disburses ₦814m Loan to 9,100 Beneficiaries

On Tuesday, the Governor of Borno, Babagana Zulum, distributed a total of N814.2 million in the form of empowerment support to 9,100 youths and vulnerable persons in the state.

Zulum, who kicked off the distribution of the funds on Tuesday in Maiduguri, stated that the assistance was provided as part of the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program.
He stated that the gesture was a reflection of his administration’s goal to empower young people to become productive and independent, as well as to reduce the amount of unrest among young people.

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According to him, the state government enabled over 7,200 small and medium businesses in the year 2020. Additionally, 2,000 people who operate tricycles and 220 people who drive taxis in the Maiduguri and Jere Local Government Areas of the state benefited from the initiative.

We provided financial assistance to a sizeable number of auto mechanics and built a prototype of a state-of-the-art mechanic village.

“By the year 2021, 13,500 business owners in Gwoza, Ngala, and Jere Local Government Areas had received a combined total of N500 million in financial assistance to help grow their companies.

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“This magnanimous program is geared toward providing soft loans amounting to N719.2 million to 9,100 SMEs under the NG-CARES Result Area 3,” he said. “This program is geared toward providing soft loans to NG-CARES Result Area 3.”

He stated that an additional N93 million would be distributed to 54 beneficiaries due to the nature of their businesses, which is not incorporated under the NG-CARES scheme. This was due to the fact that he said the beneficiaries would not qualify for the scheme.

Zulum encouraged those who had not yet benefited from the program to be patient as plans were being made to broaden the scope of the program in order to increase the number of people who took part in it. He said this while he was encouraging those who had already received benefits to make sure the fund was used efficiently by participating in productive activities.

SEE: Interest Free Loans & Grants Application – Federal Government Approves ₦75,000 Stipends

Zulum also praised the World Bank for its support of the program that is aimed at improving the state’s economic prospects.
According to Dr. Bello Ibrahim, Managing Director of Borno Renaissance Micro Finance Bank, the state government has spent more than N4 billion on poverty reduction and youths empowerment programs over the course of the past three years.

According to him, the bank disbursed a total of N700 million in 2022, N1.3 billion in 2020, and N1.2 billion the year after that.

SEE ALSO: Nigerian Youth Investment Fund (NYIF) Loans

Earlier, Maryam Shehu, the Permanent Secretary of the Borno State Ministry of Finance and Economic Development, explained that NG-CARES was an emergency operation that was designed to support the poor and vulnerable people in order to mitigate the impact of the COVID-19 pandemic.

“The goal is to expand access to livelihood support and food security services as well as grants for households that are low-income and vulnerable,”

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