Gov. Babagana Zulum of Borno gave 9,100 youths and vulnerable people in the state N814.2 million in empowerment support on Tuesday.
The Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) initiative, according to Zulum, who opened the disbursement procedure on Tuesday in Maiduguri, has provided the help.
The administration’s goal, according to him, is to reduce adolescent restlessness and provide them the tools they need to be independent and productive.
He said that in 2020, the government empowered over 7,200 small and medium-sized businesses, benefiting 2,000 tricycle drivers and 220 taxi drivers in the state’s Maiduguri and Jere Local Government Areas.
We built a model, cutting-edge mechanic hamlet, and helped a sizable number of auto mechanics.
According to NG-CARES Result Area 3, 9,100 SMEs will receive soft loans totaling N719.2 million under this generous scheme, the official stated.
According to him, 54 beneficiaries would receive an additional N93 million because of the nature of their enterprises, which are not included in the NG-CARES program.
Zulum encouraged individuals who had already received benefits to using patience as plans were being made to broaden the program’s scope in order to increase participation while encouraging the recipients to make proper use of the fund by engaging in worthwhile activities.
Zulum also praised the World Bank for supporting the program designed to boost the state’s economic prospects.
In the last three years, the state government has spent more than N4 billion on programs aimed at reducing poverty and empowering young people, according to Dr. Bello Ibrahim, managing director of Borno Renaissance Micro Finance Bank.
In 2020, N1.3 billion, N1.2 billion, and N700 million, according to him, the bank distributed.
Earlier, NG-CARES was described as an emergency effort by Maryam Shehu, Permanent Secretary, Borno State Ministry of Finance and Economic Development, to assist the poor and vulnerable people in order to lessen the effects of the COVID-19 epidemic.
The goal is to increase access to programs for food security and livelihood support as well as grants for low-income and vulnerable households.