Akwa Ibom State Government has initiated a N1.5 billion interest-free revolving loan scheme for all traders across the state.
Governor Umo Eno unveiled this initiative while launching the ‘ARISE Free Food’ program at Itam Market in Itu Local Government Area.
The governor emphasized his administration’s dedication to assisting the vulnerable, stressing the scheme allocated N500 million to traders in each of the three senatorial districts.
Emphasizing a commitment to uplifting the impoverished, Umo Eno highlighted ongoing efforts to develop policies aimed at alleviating poverty.
The governor appointed three Senior Special Assistants on Traders Matters for each senatorial district and ten Special Assistants for federal constituencies to ensure effective implementation.
He said traders can access credit facilities through the state-owned Ibom Fadama Micro Finance Bank, with the governor urging them to open accounts for seamless transactions.
Eno said: “I hear that it is because market people get loans from places with high interest, and they are unable to pay back the loan and interest, that makes the prices of commodities high in the market.
“We are releasing to each senatorial district market an interest free loan of N5million per senatorial district.
“Every money will be paid into the Ibom FADAMA Micro Finance Bank. So if you do not have an account with the bank, each business person should open an account with them.
“This is for everyone. There’s no such thing as portfolio marketer. The people must have their stalls in the market working with the SAs and Market Union.”
He stressed the importance of traders operating within market stalls, emphasizing collaboration with Special Assistants and Market Union for effective monitoring.
The governor said the Bulk Purchase Agency, inaugurated recently, serves as the cornerstone of the scheme, aiming to stabilize food prices.
Governor Eno charged personal aides with ensuring transparency and accountability in the agency’s operations.
He also revealed that plans are underway to establish an Agriculture Committee to oversee program implementation state-wide.
“Let no one make any mistake that these vouchers can be replicated. You will not be able to fake this one because these vouchers are printed by the Nigeria Printing and Minting Company, and if you are caught, it is an offence.
“So when they give you the voucher, they will give you the food. Garri will be 5kg, rice 5kg, and beans 5kg,” he stated.
Governor Eno acknowledged the importance of technology, stressing that each personal aide received a mobile computer tablet to facilitate meticulous use of social registers in program execution.
However, the governor stressed that “what is important is that we must have a way of sustaining this programme; all of us will go back to the farm.”