₦500 Million Revolving Loan: Nasarawa State Govt. Tasks Youths To Take Advantage To Boost Businesseses

By Michael Umudjon

The Nasarawa State Government has reiterated it’s commitment in ensuring that the objectives of “Nasarawa ₦500 million Youth Revolving Fund” scheme are met.

Hon. Habiba Balarabe Suleiman, the Director General/ Focal Person of the Nasarawa State Human Capital Development Agency (HCDA) at a Town Hall meeting tagged “Nasarawa State Matching and Managed Fund” stressed that the funds are loan and not a grants, thereby urging applicants in Batch A, B, C and others individuals seeking more knowledge about the programme not to be discouraged that the due processes are going to be followed before disbursement.

The ₦500 Million Naira revolving fund is a collaboration with the Bank of Industry and the Nasarawa state government, with both contributing ₦250 million each, and the beneficiaries pay a 5% charge to BOI and it’s interest free for Nasarawa state counter fund to help boost local businesseses.

Hon. Balarabe used the town hall meeting to get feed back from beneficiaries and those finding it hard to access the loans due to one or two reasons.

“The state government in 2022 entered into an agreement with the Bank of Industry for a ₦500 Million Youth revolving fund scheme and since then we had to over time education our prospective beneficiaries, so we had lots of feedbacks, some positive, some negative, and as a government that listens to it’s people, we decided to host this Town Hall so that we share experiences, sharing knowledge and then we are giving out new informations on the financial regulation as it concerns the youth revolving fund scheme process…we don’t want people to keep having that impression that government money is free money , no it is a scheme, it is a loan, it is a revolving loan, when people benefit, they are suppose to payback at the allotted time, so others can benefit from the same fund.”

On how the individuals are selected for the loan, she added that it is open to all who applied and meet the Bank of Industry requirements.

Mr Abduallhi Alhaji Nasarawa BOI state manager, said having listened to the complains of some of the individuals , on delay in payment, he said it has to do with individuals not proving the necessary documents such as , Tax clearance, Invoice, CAC certificate, Guarantors among others. However he stressed that his impressed with the loan payback rate of those have benefited in batch A and B.

Insert: Alhaji on loan

Emmanuel Tarisu, of Emmynesco General Enterprises who got 2 million in 2023 appreciated BOI and Nasarawa state government, thereby calling on other individuals to be patient, on her part Maro Mishi said she learnt alot from the town hall meeting.