Akwa Ibom State governor Pastor Umo Eno has issued a fresh 90-day ultimatum to traders in Akwa Ibom State to access the N2 billion interest-free loans he made available or risk forfeiture and redeployment to address other pressing sectoral interventions.
The governor instituted the facility in March 2024, at the launch of the free food voucher programme, to cushion the prevailing harsh socio-economic effects on the vulnerable poor, but he regretted that such funds continued to remain idle a couple of months later.
The governor had while announcing the financial intervention at the popular Itam International Market in Itu local government area, directed that the funds be managed by the Ibom Fadama Micro Finance Bank (IFMFB).
The governor’s decision to institute the seed cash, it was gathered, followed complaints that some traders were securing loans for their businesses with high interest rates, a development that prompted him to release the first tranche of N500 million interest-free-loans to the three senatorial districts of Uyo, Ikot Ekpene and Eket, to help traders and their businesses.
Addressing a stakeholders meeting at Government House, Uyo, the state capital, the governor regretted that till date, the traders have yet to access the funds. He, however threatened to redirect the money to other projects if the traders failed to access the funds within 90 days.
“That money has been there at the Accountant General’s office and 90 days from today, we will send it to any other place”, the governor vowed.
Therefore, he charged his Senior Special Assistant (SSA) on Trade and Market Matters, Mr. Idorenyin Raphael, to immediately liaise with the Secretary to the State Government (SSG), Prince Enobong Uwah, to ensure the cash was released.
“We announced N2 billion interest-free loans to our traders, and up until now, nobody has access to that money because of their in-house wahala. Of course, let me also say here that in the next 90 days, if you do not use the money, we will use it for something else. Money appreciates; I cannot set aside money forever.
“We have also given money even to our non-indigenes, the Arewa community, Yoruba, Igbo, Niger Delta community, but we are waiting for the modalities to disburse. Never again under my watch will I give money to a group and say to them go and spend.
“We will follow the money, we want to know when you disburse it, and to whom you disburse it to, so that the money can get to the right people, and that is why these monies have not been collected but they are there”, he stressed.
