Economy: Zulum Disburses N154m To Borno SMEs

Governor Babagana Umara Zulum on Sunday disbursed N32m cash to 704 small and medium entrepreneurs in Borno state, bringing to N154m the amount given by the governor in the last one week, to boost small businesses, stimulate the local economy and fight poverty.

The distribution took place along Damboa road where 304 persons in small businesses received N50,000 each, and at Kulo Gumna at which 400 more, benefited the same N50,000 each. Both places are in Maiduguri.

A total of N35.2 million naira was disbursed to entrepreneurs in Sunday’s exercise. Before it, N75 million was earlier distributed to cola nut sellers, N20 million to traders around dandal and another N24 million to traders operating around customs round about in Maiduguri.  Each of the  beneficiaries also received N50,000 to boost their small businesses.

At the Sunday’s programme, Governor Zulum charged the beneficiaries to make proper use of the empowerment package given to them, he said, the disbursement was in fulfillment of his campaign promises to the people.

Speaking to journalists, Zulum said: “we want to empower them, you are aware that many of our people have completly 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”.

Before Zulum’s distribution, General Manager of Borno Renaissance Microfinance Bank, Dr. Bello A. Ibrahim said over N1 billion has so far been disbursed within one year, to various clubs and associations.

In December 2019, N384m was distributed to empower street beggars while in January 2020,

N515m was disbursed in ‘cash for work’ programme in which 2,862 members “Ecomog”, an outlawed political political thuggery group, were paid N30,000 each month for a half of the year. The youths received payments for cleaning the streets.

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