Osogbo – The Osun House of Assembly on Tuesday passed the State Micro-credit Agency Establishment Bill.
The passage of the bill followed a motion moved at plenary by the Leader of the House, Mr Timothy Owoeye, and seconded by Mr Babatunde Olatunji, representing Ife North Constituency.
The News Agency of Nigeria (NAN) reports that the bill is seeking to motivate local based producers of goods and services to improve on their businesses.
NAN also reports that the bill is to develop entrepreneurship skills as well as stimulate appropriate economic activities in the state while raising the level of productivity of the people.
Speaking after the passage of the bill, the Speaker of the house, Mr Najeem Salaam, urged the executive arm of government to ensure effective usage of the bill for the benefit of the people.
According to Salaam, the essence of passing the bill was to ensure its proper implementation.
He said Ministries, Departments and Agencies of government concerned with micro-credit agencies should study the bill properly and ensure its implementation.
The House Committee Chairman on Information and Strategy, Mr Olatunbosun Oyintiloye, told NAN that the bill, when assented to by the governor, would repeal the existing Micro-Credit Law 2006.
Oyintiloye said that the bill would reduce unemployment and poverty through the creation of sustainable wealth and poverty reduction programmes.
He added that in line with the bill, the agency would be responsible for the provision and disbursement of micro-credit to qualified individuals, cooperative groups as well as formal and informal business organisations engaged in viable economic activities.
Oyintiloye said that it would also facilitate the establishment of micro manufacturing and service-oriented enterprises and coordinate resource base for micro and small scale project funding in the state.(NAN)
