Economy: Zulum shares N154m to 704 SMEs

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Governor Babagana Zulum's convoy was attacked
Governor Babagana Zulum of Borno State

Governor Babagana Zulum of Borno State on Sunday shared N100million to 704 small and medium entrepreneurs as part of ongoing measures to boost businesses, stimulate the local economy and fight poverty.

The distribution took place on Damboa road where 304 persons in small businesses received N50,000 each and at Kulo Gumna at which 400 more also benefited N50,000 each.

A total of N35.2 million was handed to entrepreneurs in Sunday’s exercise. N75 million was earlier distributed to Kolanut 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.

Zulum urged the beneficiaries to make proper use of the empowerment package given to them. He said the disbursement was in fulfilment of his campaign promises to the people.

Deal of the day

Zulum told reporters: “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 fulfilment 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 use of the little we have given them so that it can grow and make some impact.”

General Manager of Borno Renaissance Microfinance Bank, Dr Bello Ibrahim said over N1 billion had so far been disbursed within one year, to various clubs and associations.

In December last year, 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 group, were paid N30,000 each month for half of the year. The youths received payments for cleaning the streets.