Gov. Umo Eno of Akwa Ibom State, on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.
The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.
Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.
“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.
“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.
The governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.
The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.
The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.
The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)