ONE BILLION NAIRA REVOLVING LOAN: 10,000 PERSONS BENEFIT IN ABIA

REPORTER: PEACE AGBO

Ten thousand residents of Abia State have benefited from one billion naira interest Free Revolving Loan under the state cooperative support scheme.

Speaking at the launch of the disbursement at the International Conference Center, Umuahia, Governor Alex Otti said the state government was proposing to form a unique data-driven economic development model to ensure sustainability of revolving interest free loan scheme in the state.

Governor Otti, who explained that the scheme symbolized the present administration’s practical commitment to supporting nano, micro, and small-scale entrepreneurs spread across the state’s 184 wards.

According to the Governor, 70% of the beneficiaries are women and young entrepreneurs.

He expressed the hope that the scheme would enhance their businesses, improve family incomes, and contribute to the economic growth of their communities.

Contributing, the Commissioner for Women Affairs and Poverty Alleviation in the state, Mrs. Blessing Felix, said the selection of the beneficiaries was transparent and applauded the Governor for matching words with action.

Earlier, the Senior Special Assistant to the Governor on Cooperative Societies, Mr. Ishmael Onuoha, noted that the interest-free loan was not a gift but structured to reward those who generate profits with additional funds, that would be repaid.

Speaking on behalf of the beneficiaries, Mrs. Mercy Amalaha, thanked Governor Otti for the benevolence and urged fellow beneficiaries to make judicious use of the free loan to enable others to benefit.

The event featured the handover of 15 brand new 18 seater Buses to the Abia state harmonized task force.

EDITED BY CHUKWUBUIKE MADU