World Bank, Yobe Disburse About $2.5m Non-Interest Loan to 101 Communities
From Sani Gazas Chinade, Damaturu
The Yobe State Governor, Mai Mala Buni, has launched the second disbursement of a $2,525,000 non-interest Community Revolving Fund loan to 101 communities and farmer groups in the state.
Speaking during the disbursement ceremony held on Saturday at the Banquet Hall of Government House, Damaturu, Governor Buni stated that the fund aims to drive economic growth, create employment opportunities, and generate wealth.
According to him, the disbursement to 101 communities will significantly boost the economy of both the beneficiaries and the state.
Buni said “It is an investment revolving facility sourced by the state government for communities and farmer groups to expand agricultural development and strengthen the role of communities in managing their environment for economic prosperity.”
The governor described the occasion as a milestone achievement, emphasizing the government’s commitment to youth empowerment.
“In line with our policy on youth empowerment, I have directed the allocation of 4,825 slots out of the total 7,340 slots to youths for maximum engagement and benefit under the Community Revolving Fund loan programme,” Buni added.
He further disclosed that 10 pilot communities in Damaturu and Nguru Local Government Areas each received $25,000 (N32,500,000.00) last year. Reports reaching his office indicate that the beneficiaries have utilized the facility effectively and have commenced repayments, ensuring the sustainability of the scheme and creating opportunities for others to benefit.
The governor charged the new beneficiaries to make judicious use of the loan and ensure timely repayment for the programme’s success, noting that such progress could encourage the government to introduce more incentives in the future.
Buni also commended the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project for facilitating a smooth process of identifying and guiding the benefitting groups.
