In line with the President Buhari-led administrations’ Social Investment Programmes (SIPs), the Federal government has disbursed loans to beneficiaries in 13 states and the Federal Capital Territory of Abuja.

The states concerned are Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Osun, Ogun, Oyo, Ondo, Rivers and the FCT.

This micro-credit scheme which falls under the Government’s Enterprise and Empowerment Programme (GEEP), is a no-interest loan scheme, targets traders, artisans, market men and women, entrepreneurs, farmers and is executed through the Bank of Industry (BOI) with the participation of cooperatives.

According to the Senior Special Assistant on media and publicity to the Vice president, Laolu Akande, though 23, 400 people have already benefited from the programme, over 1 million people have registered across the country and are expected to benefit from it, this year.

The loans which range from N10, 000, to N100, 000 per applicant are being paid directly to individuals. However, the beneficiaries must belong to registered associations or cooperatives, so as to ensure credibility and timely repayments. They are also required to have Bank verification numbers (BVNs) and bank accounts, the sun news reports.

Anita Fatunji