By Suleiman Anyalewechi
The Abia State Government has announced plans to disburse an interest free revolving loan facilities to about 9,200 beneficiaries to boost Small and Medium Scale enterprises.
About one billion Naira has been approved for the scheme which will be given under the State Cooperative Scheme to be officially flagged off on Thursday July 11, 2024 by Governor Alex Otti.
Rising from its executive council meeting, on Monday, July 8, the State Commissioner for Information, Prince Okey Kalu said beneficiaries for the first phase have been drawn from the 184 wards across the 17 local councils of the state.
Prince Kalu informed that the zero-interest loan facility is primarily targeted at supporting Small and Micro business concerns and operators.
The scheme, he equally noted, will assist in fast- tracking the growth and development of Abia State economy as well as add to the Gross Domestic Product GDP.
The Commissioner maintained that the scheme is an interventionist and empowerment programme designed to aid and encourage the beneficiaries to be self reliant.
He expressed the optimism that the programme would serve as palliatives to the people in this period of economic down turn in the country.
Fifty (50) beneficiaries, he stated, have been selected from each of the 184 wards of the state’s 17 local councils of the state ,with the disbursement to be made at the ward level.
“The short, medium, and long term impacts of the programme are huge .It will have a salutary effect on the Abia state economy and would help to ameliorate the difficulties people are experiencing in their businesses as a result of the economic downturn that is effecting the national economy.
In all, about 9,200 persons will benefit from the scheme in the first phase . It would come in phases” Kalu noted .
Further speaking ,the Commissioner reaffirmed the Governor Alex Otti led administration commitment to meeting its monthly obligation to the state’s workforce ,despite occasional technical hitches ..
He, however, informed that some times ,problems also arise from the sides of the workers and pensioners banks ,as well as incomplete verification exercises thereby causing delays in the payments of salaries .
He warned street traders,and illegal park operators in the state ,to desist immediately,as the state Government has commenced the enforcement of ban on their activities.
” Finally,for the umpteenth time ,the state Government is advising residents of Aba and Umuahia to refrain from street tradings and operations of illegal parks .
“We believe that the state Government in its desire to enforce state policies with human. face ,has advised residents enough about the ugly trend of street trading.
“Consequently, the enforcement of the no street trading policy has kicked off and defaulters will have themselves to blame ” Kalu warned .
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