Borno Gov disburses N32 million to 704 SMEs

Borno State Governor, Prof. Babagana Zulum on Sunday disbursed N32 million cash to 704 Small and Medium Entrepreneurs in the state.

This brings the amount disbursed by the governor to boost small businesses to stimulate the local economy and fight poverty in the last one week to N154 million.
Sunday’s disbursement took place along Damboa road where 304 persons in small businesses received N50,000 each, and at Kulo Gumna with more than 400 equally benefiting the same sum.

A total of N35.2 million was disbursed to entrepreneurs in Sunday’s exercise. The governor had earlier given N75 million to colanut sellers, N20 million to traders around Dandal and another N24 million to traders operating around Customs Roundabout in Maiduguri.
Each of the beneficiaries also received N50,000 to boost their small businesses.

The governor at the Sunday’s programme, charged the beneficiaries to make proper use of the empowerment package given to them, while noting that the disbursement was in fulfillment of his campaign promises to the people.

Speaking to journalists after the disbursement, Zulum said: “We want to empower them, you are aware that many of our people have completely lost their means of livelihood as a result of the insurgency. Empowerment is one of the items in our 10-pact agenda, so in fulfillment of our campaign promises we have to empower our people so that they can be gainfully self-employed. I appeal to the beneficiaries to make judicious utilization of the little we have given them so that it can grown and make some impact”.

The General Manager of Borno Renaissance Microfinance Bank, Dr. Bello Ibrahim just before the governor begun the disbursement, had said over N1 billion has so far been disbursed within one year to various clubs and associations in the state to boost the economy.

The governor, had in December 2019, disbursed N384 million to empower street beggars while in January 2020, N515 million was disbursed in ‘cash for work’ programme in which 2,862 members “ECOMOG”, an outlawed group of political thugs, were paid N30,000 each monthly for a half of the year. The youths received payments for cleaning the streets.