Hardship: A’Ibom  Institutes N1.5bn Interest-free Loan for Traders

Okon Bassey in Uyo

TWorried by the high cost of commodities in the country, the Akwa Ibom State Government has instituted a N 1.5 billion interest-free revolving loan scheme for all traders in the state.

Under the scheme, N500 million is earmarked for traders in each of the three senatorial districts of the state.

The state Governor, Umo Eno, announced this while flagging off a food security programme for the vulnerable and the poor in the state at the Itam Market in Itu Local Government Area of the state. The governor, who tagged the scheme: ‘ARISE Free Food’, emphasised his administration’s commitment to the wellbeing of the downtrodden in the state.

Eno stressed that his administration would continue to develop policies geared towards lifting the poor from a state of despair.

The governor announced the appointment of three Senior Special Assistants to the Governor on Traders Matters to cover the three senatorial districts of the state, and 10 Special Assistants on Traders Matters to cover the 10 federal constituencies of the state.

He said the traders’ credit facilities would be made available to the traders through the state-owned, Ibom Fadama Micro Finance Bank, and urged the traders to open accounts in the bank.

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.”

This, he said, would enable effective monitoring and implementation of the various schemes instituted by his administration for traders in the state.  

The governor said the Bulk Purchase Agency, the anchor vehicle of the scheme, which was recently inaugurated in the state, was meant to work towards crashing and stabilising the price of food in the state. The governor charged the personal aides to ensure transparency and accountability in the process.

Eno announced plans to set up an Agriculture Committee to monitor and evaluate the implementation of the programme across the state.

“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.

He also announced that each personal aide has been given a mobile computer tablet to ensure the social registers are meticulously used to execute the programme, insisting however that “what is important is that we must have a way of sustaining this programme; all of us will go back to the farm.”

Earlier, the Chairman of Bulk Purchase Agency, Dr. Dan Akpan; Commissioner for Agriculture and Rural Development, Dr. Offiong Offor, the Senior Special Assistant to the Governor on Traders Matters, Mr. Idorenyin Raphael, and representative of traders, Godwin Ebong, president of Itam Traders Union; and Madam Magdalene Udom, state Woman Leader of the trader‘s union, appreciated the governor for embarking on the scheme, and pledged their resolve to ensure they work hard for the success of the food intervention programme.