After a long wait, Katsina state, Governor Aminu Bello Masari has finally approved the disbursement of N2bn CBN-SME loan.
The State House of Assembly had, in August 2015, had granted approval to the state government to secure N2bn loan from the Central Bank Of Nigeria (CBN) for small and medium enterprises (SMEs).
The assembly gave the approval after an exhaustive deliberation on the priopriety or otherwise of the loan for development of micro, small and medium enterprises in the state.
Shortly after it secured the assembly’s approval, the state government set up a special committee under the leadership of the then state APC chairman, Abdulkadir Mamman Nasir, to commence the process of disbursing the funds.
Our correspondent reports that residents had anxiously waited for government to commence the disbursement with widespread concerns over what they termed as long and unnecessary delays.
However, reprieve came when Governor Masari, on Friday, flagged off the disbursement of the loan to cooperative groups in the state.
Speaking during the ceremony, Masari said 500,000 traders would benefit from the scheme which is expected to boost income generating activities in the state. He assured that the state government would pay the 9% interest on the principal sum collected from CBN to reduce burden on beneficiaries.