Palliative: Oyo Plans to Disburse N500m to Traders, Artisans
Seyi Makinde

Palliative: Oyo Plans to Disburse N500m to Traders, Artisans

Palliative: The Oyo government has concluded plans to disburse a N500 million loan to traders, artisans and small business owners in the state. The gesture is part of an effort to mitigate the effect of subsidy removal on the residents of the state.

This is contained in a statement by Prof. Musibau Babatunde, the state Commissioner for Budget and Economic Planing, on Tuesday in Ibadan.

Babatunde says the planned N500 million loan is a Sustainable Actions for Economic Recovery (SAfER) component.

“This is the initiative of Gov. Seyi Makinde, in the wake of fuel subsidy removal and the floating of the exchange rate, which resulted in a steep rise in prices of commodities.

“Also, it is with a view to stabilising the people and boosting the economy.

“The SME loan support which comes at a single-digit interest rate and with a flexible repayment plan is for all categories of micro and small-scale business owners.

“Interested small and micro-businesses in the state should pick up the form for free in designated Microfinance banks in each of the seven geo-political zones in the state.

“The Microfinance banks are: FullRange Microfinance Bank, Ibadan; Isale Oyo Microfinance Bank, Oyo town; Excel Microfinance Bank, Eruwa and NUT Oke Bola Microfinance Bank, Ibadan.

“Others are Caretakers MicroFinance Bank, Ogbomoso; Kadupe Microfinance Bank, Saki and Ebedi Microfinance Bank, Iseyin,” it said. Naira Devaluation Deepens Economic Crisis in Nigeria

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