In an avowed bid to tackle the economic challenges occasioned by the removal of fuel subsidy, Governor ‘Seyi Makinde, in August 2023, set up a 15-man committee for the Sustainable Action for Economic Recovery .In an avowed bid to tackle the economic challenges occasioned by the removal of fuel subsidy, Governor ‘Seyi Makinde, in August 2023, set up a 15-man committee for the Sustainable Action for Economic Recovery .
The state’s Commissioner for Budget and Economic Planning, who also doubles as the chairman of the SAfER Small and Medium Enterprises sub-committee, Professor Musibau Babatunde, led members of the sub-committee on the monitoring and evaluation visit to participating microfinance banks and some beneficiaries of the loan in Ibadan, Oyo and Ogbomoso, Oke-Ogun One and Two, climaxing at Ibarapa zone on February 8, 2024.
The duo appealed to the government to increase the loans disbursed to the participating banks, as some of the eligible applicants have yet to be attended to. In the Oke-Ogun zone, the Managing Director of Ebedi Microfinance Bank Limited, Iseyin, Mr. Afolabi Abiola, said: “The beneficiaries want it to continue. They are demanding more and those yet to benefit are eager to be part of it.”
‘’We plead to the government to release more funds, it is going to help the economy of the state and the individuals.” In Iseyin, a 36-year-old businesswoman and owner of Abolore Stores at Adabo Market, Iseyin, Mrs. Ganiyat Abolore, said: ‘’ I got one million naira to support my business. It has been very impactful. We still need more of this scheme from Governor Seyi Makinde.”
Speaking during the exercise, Prof. Babatunde explained that the monitoring visit was to enable the committee to assess the level of operations of the Microfinance banks and their compliance with the operational framework guiding the disbursements of loan to the beneficiaries, since the state government had disbursed the loans in three tranches to the participating banks.
“The interest rate was increased to stabilise inflation and as a result of that, an economic crisis ensued and it has affected the people of the state especially business owners. “They need more and we need to take this into consideration. We will make our report to Governor Makinde. I’m very optimistic that Phase Two will come because we have seen the success this has brought up.”
The Peoples Democratic Party has charged the Federal Government to take immediate action to address the rising cost of living in the country.
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