A total of N1.3 billion has been disbursed by the Federal Government to support the growth of small enterprises in Borno State.
The amount was disbursed under the Presidential Conditional Grant Scheme (PCGS) to bolster businesses in 27 local government areas of the state.
Governor Babagana Zulum revealed the development at the Federal Government’s town hall meeting on Friday about the loans and grants scheme in Maiduguri.
Represented by Abubakar Muhammed, permanent secretary, Establishment and Service Matters, Zulum said the scheme was being implemented in collaboration between the state government and the Bank of Industry (BoI).
He said the scheme focused on empowering traders, artisans, ICT operators, eatery operators and transporters, adding that each beneficiary received N50,000 to enable them to improve their businesses.
Zulum believes the gesture represents a critical component of the Federal Government’s commitment to support local economies and vulnerable groups.
“With a total of 810,945 beneficiaries nationwide, the programme ensures that Borno’s entrepreneurs receive the necessary support to thrive in challenging economic times,” the governor said.
“The PCGS initiative is expected to boost small businesses, create employment opportunities, and contribute to the overall economic recovery of the state, which continues to rebuild in the aftermath of insurgency and other challenges.”
Muktar Musa, the BoI manager in Maiduguri, said the Federal Government had disbursed over N40 billion out of the approved N50 billion to support nano businesses across the 774 local government areas nationwide.
Musa said the PCGS scheme, introduced as part of interventions following the removal of fuel subsidy, targeted one million beneficiaries.
Highlighting the progress of the scheme, Musa said N10 billion had been disbursed to beneficiaries in the North-West; North–Central N6.6 billion, North-East N5.9 billion, and South-East N4.8 billion to 96,000 beneficiaries across 95 LGAs.
Musa said the scheme also supported 117,000 beneficiaries in 123 local government areas in the South-South and 146,000 others across 137 LGAs in the South-West.
He said a breakdown of the disbursements revealed that women and youth constituted 70 percent of the beneficiaries, 10 per cent persons with disabilities, five per cent senior citizens and 15 per cent other demographic groups.
The manager said the programme had so far empowered 810,945 Nigerians as part of the federal government’s commitment to support local economies and vulnerable groups.
Musa said the beneficiaries were selected based on criteria such as possession of BVN and NIN numbers as well as evidence of business premises.
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