State Govt, BoI to provide N250m loans to 25,000 women

Gov. Aminu Tambuwal of Sokoto State says the state government in collaboration with the Bank of Industry (BOI) will provide N250 million soft loans to 25, 000 women across the state.

Tambuwal, who was speaking with newsmen in Sokoto on Saturday, said the soft loans was aimed at empowering women across the state.

” We will start with the first batch of 25, 000 women, who have been registered by the Small and Medium Enterprises Development Agency (SOSMDA) in the state.

” Each of the women to benefit from the gesture would get N10, 000 to start up their small scale businesses,” he said.

Tambuwal further said that the gesture was aimed at making the women to become self reliant, as well as enable them to contribute their quotas to the economic growth of the state.

The governor said that injection of more money into the economy remains the only way out of the current recession in the country.

According to him, governors have been talking with the federal government to release the Paris Club money to the states and local governments in the country.

”Ask any Economist around the world about the panacea to recession, he or she will tell you that it is the injection of money into the economy.

” With the release of such funds into the economy, there will be massive construction works and redistribution of money,” he said.

He recalled that former US President Barack Obama, had employed similar strategy of massive construction works when US economy was in the ” doldrums.”

Tambuwal further averred that construction is therefore key to taking Nigeria out of recession and bolstering the purchasing power of the citizens.

He maintained that Nigeria was thrown into the current recession by the way the previous administrations ran the economy.

He said:” When we raised alarm that time, people thought we hated the former President Goodluck Jonathan, but we have now been vindicated.

”Destruction is always easier and takes shorter time than rebuilding and the global economic down turn did not help the administration of President ”