Ekiti Needs N7.5b To Prosecute Micro-credit Scheme

Dapo Falade, Ado-Ekiti - 09.02.2008

THE Ekiti State government has declared that it would require about N7.5 billion to empower the over 150,000 applicants that applied for the micro-credit scheme embarked upon by the state government.

It also corrected the impression that the micro-credit scheme was a national cake, which may not be refunded by the beneficiaries.

Director-General of the Ekiti State Micro-credit Agency, Mr. Cyril Fasuyi, made the disclosure in Ado Ekiti on Thursday. He declared that the loans were targeted at empowering the economically active people in the state to reduce the vicious circle of poverty in the state.

He hinted further that the recently passed micro-credit bill at the state House of Assembly had vested the constitutional power in the government to sanction anyone who may want to default.

Describing the scheme as a lifetime legacy of Governor Segun Oni's administation, he dispelled the insinuation that the scheme would be indigenised or politicised.

He added that every intending applicant would be beneficiaries inasmuch as they were residents in the state.