Makinde’s N500m loan for SMEs will revitalise businesses in Oyo — Ibadan Chief

The Otun Akogun Onisowo of Ibadanland, Chief Olufemi Junaid, expressed his belief that the N500 million loan package for traders and small and medium-scale enterprises (SMEs) from the Governor Seyi Makinde administration would significantly rejuvenate businesses, especially those struggling in the state.

The N500 million loan is a crucial component of the Sustainable Actions for Economic Recovery (SAfER) initiative introduced by the Makinde administration to mitigate the impact of fuel subsidy removal and the exchange rate fluctuation.

This loan, available through seven designated microfinance banks, offers a single-digit interest rate and a flexible repayment plan, catering to various categories of micro and small-scale business owners.

In a statement, Junaid hailed this loan as the fairest initiative in the history of Oyo State.

He emphasised that it showcases sensitivity, especially considering the challenges Nigerians face due to the subsidy removal.

Junaid urged the officials responsible for the loan disbursement to uphold credibility and avoid any form of favouritism, partisanship, or bias during the allocation process.

Furthermore, he encouraged beneficiaries to repay the loan promptly, emphasising that this timely repayment is essential for economic progress and the sustainable development of the state.


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