Government & Politics

FG Disburses “No Interest” Loans To 23,400 Nigerians In 13 States


Laolu Akande, spokesperson to the vice president Yemi Osinabjo, made this known in a statement on Monday.

The federal government has disbursed “no interest” loans to 23,400 Nigerians in 13 states and the federal capital territory, the Presidency has said.

Akande said the scheme was under the enterprise and empowerment programme of the government.

According to the statement, the loans which ranged from N10,000 to N100,000 per applicant, would be paid directly to the beneficiaries, who must belong to registered associations or co-operatives.

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Akande noted that this was “to ensure that they are peer-endorsed as credible”.

State who benefited included Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Osun, Ogun, Oyo, Ondo, Rivers and the FCT.

He disclosed that over one million people had enrolled for the micro-credit scheme across the nation and added that they would all benefit this year.

He said the “no-interest” micro-credit scheme, with “only a one-time five percent administrative fee is targeted at traders, artisans, market men and women, entrepreneurs and farmers.”

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