Borno state governor, Kashim Shettima has launched the disbursement of the two billion naira accessed from the Central Bank of Nigeria (CBN) as loans to citizens of the state.
According to the state government, the government will bear interests to be accumulated by the loans while citizens will only repay the exact amounts they access through the Borno State Renaissance Micro-Finance Bank established by Shettima in his first term.
The launching took place in Maiduguri, the Borno State capital with 660 traders of the Maiduguri Monday Market benefiting in the first phase.
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Shettima emphasized that the money was not a free grant but an interest free loan which is revolving in nature hence beneficiaries must take the issue of paying back within stipulated time very seriously.
He equally announced free rents for traders at the Maiduguri Monday Market for a period three months. The Borno State Government owns the market, allocated shops and collects monthly rent from traders.
He said the decision was to cushion the effects of poor trading faced by traders as a result of reoccurring insurgency attacks.
Earlier before the flag off of disbursements of the N2b loans, the Managing Director, Borno Renaissance Microfinance Bank, Mrs Zainab Umar Kolo said that the sum of One hundred and twenty six million Naira was earmarked for the 660 beneficiaries who were screened for Monday’s exercise.
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She said the sum of Two hundred and twenty five million Naira had been earlier disbursed by the bank with funds already in the custody of beneficiaries.
She invited all other beneficiaries to assemble at the bank’s premises to access the loans disbursed through electronic transfers
The post Boko Haram: Shettima To Disburse N2b CBN Loans To Citizens appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.
Source: naij.com
Boko Haram: Shettima To Disburse N2b CBN Loans To Citizens
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