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Oyo monitors beneficiaries of N500m SME loan support

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The monitoring of beneficiaries of the N500 million Small and Medium Scale Enterprise Loan Support under the Sustainable Action for Economic Recovery initiative has commenced in Oyo State. The state’s Commissioner for Budget and Economic Planning, Musibau Babatunde, who also chairs the SAfER Small and Medium Enterprises sub-committee, led members of the sub-committee on a monitoring and evaluation visit to participating microfinance banks and some beneficiaries of the loan in Ibadan, Oyo, and Ogbomoso zones of the state.

Under the loan scheme, N500 million was disbursed to partnering Microfinance Banks across the seven zones of the state to support and boost SMEs, which are the baseline for economic activities in the state and to bring relief to the residents during this economic hardship. The monitoring visit aimed to assess the level of operations of the microfinance banks and their compliance with the operational framework guiding the disbursements of the loan to the beneficiaries, as the state government had disbursed the loans in three tranches to the participating banks.

The state Director-General of Investment and Public Private Partnership Agency, Olatilewa Folami, emphasized the state’s commitment to poverty alleviation programs that support small and micro enterprises. Meanwhile, some of the beneficiaries commended the governor for his problem-solving approach through the loan support, which they believe has brought about a positive turnaround in their businesses.

In their separate reactions, beneficiaries expressed their appreciation for the timely intervention and appealed to the government to reduce the interest rate in the subsequent program. The loan support was lauded by managing directors and chief operating officers of participating microfinance banks as viable towards alleviating poverty, creating jobs, and boosting businesses.

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