Governor Ademola Adeleke of Osun State has distributed N250 million microcredit cheques to various beneficiaries across the state celebrate his second year in office.
Represented by the secretary to the state government, Hon Teslim Igbalaye, at the foundation-laying ceremony of the Osun Micro Credit Agency’s office complex, Abere, the governor described the occasion as a “new chapter” for the agency, which has been instrumental in providing accessible credit to citizens across the state.
The governor, who described the agency operating from rented premises as unacceptable, pledged to expedite the completion of the new office complex with the assurance that the project would be finished sooner than initially projected.
It was gathered that the Medium-Term Sector Strategy (MTSS) had set 2027 as the expected completion date, but Adeleke vowed to fast-track the development using all necessary resources.
Adeleke disclosed that the N250 million funding boost for the Osun Micro Credit Agency includes a N200 million injected into the agency’s working capital, with N50 million specifically allocated for new applicants and beneficiaries adding that the funding is part of the administration’s broader effort to empower small businesses and drive economic growth in the state.
He charged the beneficiaries of the microcredit loans to use the funds prudently to grow their businesses and contribute to the state’s economic development.
The governor noted that the loans come with favorable repayment terms, offering a 12-month tenor at an annual interest rate of nine percent, adding that it is imperative for beneficiaries to pay the revolving loan back promptly so that others can access credit as well.
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