Osun disburses N636m soft loans to beneficiaries


Uba Group


The Osun State Government, on Wednesday, commenced the disbursement of N636,195,000 soft loans to indigent beneficiaries of the scheme through the Osun Micro Credit Agency.

The loan scheme, which is in partnership with the Central Bank of Nigeria’s Micro, Small and Medium Enterprises Development, is set towards expanding the scope of businesses, trades and investments in a bid to stimulate the economy and reduce unemployment.

Governor Adegboyega Oyetola, in his address at the flag-off ceremony held at the Nelson Mandela Freedom Park, Osogbo, expressed his resolve to improve the economy of the state.

According to Oyetola, over N6.5billion has, so far, been disbursed to a total of 31,888 beneficiaries in different categories.

He said, “To actualise seamless cash flow among citizens, we have intervened on the issue surrounding business support funds from the Central Bank of Nigeria and facilitated timely release of the sum of N636.195,000 (Six hundred and thirty-six million, one hundred and ninety-five thousand naira) through the Osun Micro Credit Agency in collaboration with the participating financial institutions in the state for disbursement to selected beneficiaries as approved by the CBN.

“Others who fall within the classification of Small and Medium Enterprise Businesses, who are interested in the fund, should approach the Osun Micro Credit Agency for possible enrolment in the next tranche of MSMEDF.

“This exercise is another effort by our administration to strengthen our economy through provision of support for Small and Medium Scale Enterprises.

“I wish to note that with this disbursement flag-off, the total number of beneficiaries of the CBN and Osun Government intervention funds are 31,888 and the total amount disbursed from the fund for Micro, Small and Medium Enterprises Development in the state so far, stands at N6.5 billion.

“Since assumption of office, we have, in addition to our strategic investment in transforming the agriculture, tourism and mining sectors, focused attention on improving the performances of our MSMEs. This is because we believe that a virile MSMEs space holds limitless opportunities for our state.”

The acting General Manager, Osun Micro Credit Agency, Sanya Olopade, urged the beneficiaries to use the loan judiciously just as he it in record time so as to give others the same opportunity.