SOKOTO – The Sokoto State House of Assembly on Tuesday approved the state government’s request to participate and access N2 billion loan under the Micro, Small and Medium Enterprises Fund (MSMEDF) in Sokoto state.
This was disclosed by the House Leader, Alhaji Abubakar Buda (APC-Dange/Shuni) at the assembly after consideration of a letter to the assembly by Gov. Aliyu Wamakko.
The letter said “this is to increase access to finance for micro- enterprises that abound in all the states of the federation.
“Pursuant to this, the Central Bank of Nigeria (CBN) has granted N2 billion loan to each state as well as FCT Abuja for the disbursement to micro, small and medium enterprises, ” it explained.
The letter further stated that the preparation for accessing the loan in line with CBN’s guide line had been completed.
“The Special Purpose Vehicle (SPV) has been set up and Irrevocable Standard Payment Order (ISPO) has also been signed and dispatched for consideration of Minister of Finance and copies sent to both Accountant General of the Federation and CBN Governor.”
It added that the state government would disburse the secured loan in the State accordingly.
The house leader said that accessing the funds would help to boost the capital base of small and medium scale enterprises in the state.
“This will serve as the catalyst of economic development that will raise the economic and social status of our citizens,” Buda explained.
Earlier, Alhaji Bello Goronyo (APC- Goronyo) said that the motion did not require much deliberation by the assembly.
“In fact, the vital idea of the access to the loan is to enable the government to deliver its responsibility for the interest of the people we represent, especially the masses,” he state
Goronyo stated that this would reduce the level of unemployment, poverty and criminal activities, among other things.
The Deputy Speaker, Alhaji Aliyu Abubakar (APC-Tureta), who presided over the sitting, said the assembly had duly approved the loan by the government. (NAN)