Governor Adeleke Shares N250 Million Microcredit Cheques with Beneficiaries.

05/12/2024 – OSOGBO

The Governor of Osun State, Senator Nurudeen Jackson Ademola Adeleke, today distributed N250 million (N250,000,000) in microcredit cheques to various beneficiaries across the state at the foundation-laying ceremony of the Osun Micro Credit Agency’s office complex. The event took place at the agency’s permanent site in Oranmiyan New Town, behind the State Secretariat, Abeere, Osun State.

Represented by the Secretary to the State Government, Hon. Teslim Igbalaye, the Governor emphasized the importance of the occasion, describing it as a “new chapter” for the agency, which has been instrumental in providing accessible credit to citizens across the state. The Governor also addressed the long-standing issue of the agency operating from rented premises, calling it unacceptable. He pledged to expedite the completion of the new office complex, assuring that the project would be finished sooner than initially projected. 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.

“For over a decade, it is disheartening to note that an agency as critical as the Osun Micro Credit Agency has operated from rented premises. This reality is both unacceptable and a reflection of the neglect and complacency we inherited. However, we are here today to rewrite that story and restore hope to this agency and the people it serves,” the Governor stated.

“Our administration is committed to improving the lives of the people of Osun State,” he added, highlighting that the office complex was only one of many projects slated for completion by 2025.

The N250 million funding boost for the Osun Micro Credit Agency includes a N200 million injection into the agency’s working capital, with N50 million specifically allocated for new applicants and beneficiaries. This funding is part of the administration’s broader effort to empower small businesses and drive economic growth in the state.

Addressing the beneficiaries of the microcredit loans, Adeleke urged them to use the funds prudently to grow their businesses and contribute to the state’s economic development. The loans come with favorable repayment terms, offering a 12-month tenor at an annual interest rate of 9%, making it one of the most affordable loan options in the country. The loans are revolving, ensuring that others can access credit as well.

“To the beneficiaries of these funds, I urge you to use the resources wisely to grow your businesses and create lasting value. As you know, these loans are revolving in nature, and timely repayment is essential to ensure others also benefit,” Adeleke stated.

The Governor also encouraged individuals, cooperative groups, and small and medium enterprises (SMEs) to take advantage of the opportunities provided by the Osun Micro Credit Agency. He assured the people of Osun that his administration is committed to driving the state’s economic growth through these initiatives.

Despite criticism from opposition parties, the Governor reiterated his administration’s resolve to continue working for the benefit of the people. “The people of Osun have seen the light,” he said, adding that the state’s progress would not be hindered by detractors. He called on the people to continue supporting his government beyond 2026 for sustained growth and development.

Signed:
Kehinde Adeoye,
Special Assistant on Media to the Secretary to the Osun State Government.