Governor Babagana Zulum of Borno state, has disbursed N150 million to small and medium scale entrepreneurs (SMEs) in Gwoza council to restore their means of livelihoods. The over a decade long Boko Haram insurgency claimed 36,000 lives with property worth $9.2 billion (about N3.42 trillion) in Borno, Adamawa and Yobe states. According to him, the SMEs comprise 1,900 beneficiaries from four communities of Gwoza, Limankara, Pulka and Izge.
While disbursing the funds yesterday in Gwoza, he said: “We’re witnessing another milestone in the history of economic development of the emirate council. “We are today to provide support to SMEs in the historic border town of Gwoza.” He said that N1 million each is to be disbursed to six beneficiaries, while 38 people will receive N500, 000 each.
He added that 250 others will also receive N50, 000 each; while 404 beneficiaries will also each collect N100, 000. According to him, 732 petty traders will each be disbursed of N30, 000. He lamented that the insurgents have destroyed SMEs’ means of livelihoods in the four affected communities. He noted that in order to rejuvenate the local economy, the government has provided financial support to restore their means of livelihoods and become self-reliant.
On repayments of loans, he said: “Each of the beneficiaries, is to pay 50% of the loans within four years; while the remaining half, becomes their grants,” noting that these are conditional grants of the beneficiaries to improve their living conditions, five years after being in IDP camps. He warned that anyone that fails to pay 50% of the loan within four years, he or she must repay the full received loans. He added that beneficiaries of Limankara, Pulka and Izge communities are also provided with an entrepreneurship loan of N50 million.
Zulum therefore urged them to judiciously utilize the financial support for their economic empowerment.
