Gov. Buni Launches $2.5M Non-interest Revolving Fund
Loan to Drive Economic Growth
By:Usman Ibrahim Geidam
Governor Mai Mala Buni of Yobe State, has launched the second phase of the Non interest loan Community Revolving Fund (CRF) to drive economic growth, improve the livelihood of people and promote sustainable development in the state.
He said the Community Revolving Fund loan 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.
"The occasion is a milestone achieved by the yobe state government to support 101 communities with a Community Revolving Fund loan of Two million five hundred and Twenty-Five Thousand US Dollars ($2,525,000)"
"As the name implies, it is a non-interest loan which is to be repaid by the beneficiaries for a continuous financing of the programme to expand the volume of beneficiaries through the revolving scheme"
"In line with our policy on youth empowerment,Buni has 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.
The Governor charged the benefitting communities and farmer groups to take full ownership of this project and other government programmes for maximum benefit to justify government investments in such projects.
Recall, Governor Buni launch the first phase of the Community Revolving Fund Loan last year with 10 Pilot communities from Damaturu and Nguru Local government areas where each benefiting community received $25,000 (N32,500,000.00) each.
The Governor said the benefitting communities and farmer groups have made good use of the facility, and commenced the repayment to sustain the revolving scheme, and to afford others the opportunity to benefit.
"This will no doubt spur the government to provide more incentives to support economic empowerment and wealth creation for the good people of Yobe state"
"We have a duty to join hands to effectively combat economic, environmental and other social challenges for the betterment of our people and the state" He added.
He congratulate the First phase Beneficiaries for taking advantage of this opportunity and exhibiting great sense of commitment by repaying the loan to make the scheme successful.
He also reminded the benefitting communities that this facility is a loan that should be used judiciously to ensure its payment and to keep the revolving scheme alive.
He commended ACReSAL for the smooth process and to re-emphasize the readiness of yobe state government for more partnership with the federal government and other partners to make life more meaningful to the people of the state.
The State Project Coordinator AGRO-CLIMATIC Resilience in Semi-Arid Landscape (ACRESAL) Yobe State Shehu Alhaji Mohammed, said the Community Climate Resilience has a sub-component called the Climate Smart Agriculture/ Community Revolving Fund (CRF) scheme.
"The CRF is not a grant but an investment fund that comes in form of a “LOAN” aimed at revitalising or improving the Agricultural practices of communities, farmers groups and households in their agricultural practices particularly relating to crop production and support the value chain. CRF will support only profitable, sustainable and climate smart projects (Agric business farmers/ enterprise groups) It is not a Federal Government Ioan scheme (But a loan obtained by the State through ACReSAL,a World Bank Funded Project).
"This loan is for the communities and will circulate within farmers and sustained through groups that would keep the loan in circulation in their various communities through prompt(timely) repayment to allow other farmers to benefit.
"ACReSAL CRF Sub component is the first community revolving fund scheme in the World Bank Support Project in Nigeria. The world Bank is Piloting only in 8 states out of the 19 implementing states and the FCT.
"The States are Bauchi, Benue, Gombe, Jigawa, Kebbi, Kogi, Nasarawa and Yobe States. Yobe is among the 8 piloting states, mandated to select only 10 pilot communities from the two (2) Micro watersheds of Nguru and Damaturu before the scaling it up last Year with the achievement recorded so far from this pilot communities, the authorizing environments had approved the selection of 101 communities based on the world Bank selection criteria guidelines for the implementation of CRF across the 17 LGAs of the State" He said.
0 Comments