From Ali Muhammed Zanna, Maiduguri
Borno State Governor, Professor Babagama Umara Zulum on Wednesday flagged off the disbursement of two billion naira Matching Fund Scheme in collaboration with the Bank of Industry to boost economic activities in the state as post Insurgency programme.
He said the scheme was introduced after thorough and considerable deliberation with the BOI to support the Borno people who are affected by the Insurgency in the past 21 years that virtually almost paralyzed socio-economic activities of the state.
The governor while launching the scheme at the Multi-Purpose Hall of the Government House Maiduguri yesterday said that the matching funds will be managed and coordinated by the Borno Microfinance bank in collaboration with the Bank of Industry which will disburse the Funds to each individual beneficiary through the bank account of the beneficiaries with the Borno Microfinance bank.
He added that the loan Facility has a repayment period of 4 years and commencement of the said loan Facility will kick up after 6 months to enable the beneficiaries start up or invest their loans for a while.
Zulum further explained that any of the beneficiaries that repay his or her loan on time within a short period will benefit 50% discount in addition of the free interest charge that the loan Facility has been disbursed on non interest payment.
Describing the loan disbursement as an all-inclusive and aggressive be tire for the people who are mostly affected by the Insurgency, he said 12 associations or unions were selected within the state capital Maiduguri city and its environs with membership of 15,861 individuals to benefit in the first phase of the scheme while the remaining LGAs will very soon benefit also from the counterpart funding as the second phase on the same procedures.
He also charged those in charge of the disbursement to monitor and supervise the utilization of the Funds properly and ensure defaulters are brought to book and deleted in the list of the beneficiaries while assuring to empower the youths and women.
Towards this direction, Borno State Government signed agreement with the Bank of Industry to support some traders where 12 were selected comprising of Monday Market Traders Association Baban Layi Textiles Traders Association, Livestock Sellers Association, Women Traders Association, Fire Wood Sellers Association, Vegetables Sellers Association, Grocery Sellers Association, Beans Cake and Fry Yam Sellers Association among others.
According to him, each individual will benefit from the scheme ranging from N30,000 minimum amount to N1.5 million highest amount depending on the individual trade or business as the beneficiaries comprised of business men and women cut across the 12 selected associations and unions.