ADVERTISEMENT

Governor Adeleke launches ₦3.4bn cooperative loan for 45,816 traders, artisans

The loan would be provided in three phases of ₦1.145 billion per phase, with a total target of 45,816 beneficiaries.

Osun State governor, Ademola Adeleke. [Twitter:OsunGovt]

Adeleke, while launching the programme in Osogbo, said the loan would be provided in three phases of ₦1.145 billion per phase, with a total target of 45,816 beneficiaries.

As a government that fulfils electoral promises, our gathering here is to ensure loans of various categories are disbursed to registered cooperative societies to grow their business and expand the state economy.

“I am to reconfirm to our people again that this government is committed to boosting the local economy, relieving the pains of the people and deepening the state GDP.

ADVERTISEMENT

“We are operationalising 332 cooperatives in each of the 332 wards in Osun State and our target is to have 46 beneficiaries per ward, making a total of 15,272 beneficiaries,” he said.

He said the funding for the programme would be provided in three instalments of ₦1,145 400,000 for each phase.

“This will make a total of ₦3, 436, 200,000 for the planned three phases for a total number of 45,816 beneficiaries,” the governor stated.

He said the loan is meant for both men and women traders and artisans, and that phases two and three of the programme would each have the same number of beneficiaries. Adeleke said the condition to access the loan is that each beneficiary must belong to a trade association with a letter of character attestation to be provided by each beneficiary from his or her trade association before disbursement.

He charged beneficiaries to ensure the sustainability of the loan scheme by making the system a revolving scheme and trying as much as possible not to default in repayment. He urged them to put the funds into productive business to achieve the goal of wiping out poverty from the state.

ADVERTISEMENT

In his address of welcome, Bayo Ogungbangbe, Commissioner for Cooperative and Empowerment, said the cooperative loan disbursement will take place in the nine Federal Constituencies in the state. Ogungbangbe explained that the first phase of disbursement will start from Osogbo, Iwo and Ilesa Federal Constituencies.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

10 Northern governors will fly to US to learn how to protect their region

10 Northern governors will fly to US to learn how to protect their region

Task force enters streets as Alex Otti declares war against indiscipline in Abia

Task force enters streets as Alex Otti declares war against indiscipline in Abia

FG suspends mining activities within OAU after reports of illegal operations

FG suspends mining activities within OAU after reports of illegal operations

Like Bobrisky, EFCC drags Cubana Chief Priest to court for spraying naira notes

Like Bobrisky, EFCC drags Cubana Chief Priest to court for spraying naira notes

Israeli military leaders to hold third meeting on how to deal with Iran

Israeli military leaders to hold third meeting on how to deal with Iran

Nigeria's telecoms sector witnesses revival as NCC's leadership draws acclaim

Nigeria's telecoms sector witnesses revival as NCC's leadership draws acclaim

Like Ganduje in Kano, Kaduna Assembly opens investigation against El-Rufai

Like Ganduje in Kano, Kaduna Assembly opens investigation against El-Rufai

DNA on Chidinma's dress matches victim, Ataga in alleged murder trial

DNA on Chidinma's dress matches victim, Ataga in alleged murder trial

NDLEA destroys 300 tons of illicit drugs in Lagos, Sanwo-Olu praises effort

NDLEA destroys 300 tons of illicit drugs in Lagos, Sanwo-Olu praises effort

Pulse Sports

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

Alex Iwobi makes Premier League history which Mikel, Yakubu, Kanu could not achieve

Alex Iwobi makes Premier League history which Mikel, Yakubu, Kanu could not achieve

Like Michael Jordan - Details of Victor Osimhen’s ‘superhuman’ jump against Monza emerges

Like Michael Jordan - Details of Victor Osimhen’s ‘superhuman’ jump against Monza emerges

ADVERTISEMENT
ADVERTISEMENT