Yobe govt disburses $2.5m non-interest funds to 101 communities, farmer groups

Governor Mai Mala Buni, of Yobe State has launched a second disbursement of $2,525,000 Non-Interest Community Revolving Fund loan to 101 communities and farmer groups in the state. Governor Buni said the Non Interest Community Revolving Fund was aimed at driving economic growth, providing employment opportunities and creating wealth. “It is an investment revolving facility […]

Governor Mai Mala Buni, of Yobe State has launched a second disbursement of $2,525,000 Non-Interest Community Revolving Fund loan to 101 communities and farmer groups in the state.

Governor Buni said the Non Interest Community Revolving Fund was aimed at driving economic growth, providing employment opportunities and creating wealth.

“It is an investment revolving facility sourced by the state government for communities and farmer groups to expand agricultural developments and strengthen the role of communities in the management of their environment for economic prosperity.

“This occasion is another milestone achieved by the state government by supporting 101 communities, and in line with our policy on youth empowerment, l have directed the allocation of 4,825 slots out of the total 7,340 slots to the youths for maximum engagement and benefit of the Community Revolving Fund loan programme” he said.

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According to the governor, 10 pilot communities in Damaturu and Nguru local government areas received $25,000 (N32,500,000.00) each last year.

“Reports reaching my office indicate that the benefitting communities and farmer groups have made good use of the facility, and commenced the repayment to sustain the revolving scheme, and  afford others the opportunity to benefit” Gov. Buni added .

He charged the beneficiaries on judicious use of the loan and ensure repayment for the success of the programme to spur the government to introduce more incentives.