Oyo State Ng-cares Disburses Grants, Loans To Beneficiaries

Please check your E-mail inbox or spam to confirm.

Oyo state government has disbursed grants and loans under the World Bank/Federal Government-Assisted project christened ‘NG Cares,’ which was domesticated as ‘Oyo Cares’ to beneficiaries.

JOIN US FOR MORE ON:
or

This symbolic presentation came up on Tuesday at the office of the Oyo State Investment and Public Private Partnership Agency (OYSIPA), Ibadan, the state capital.

The initiative was conceptualized by the government to mitigate the adverse effect of COVID-19 on businesses which include job losses and the closure of some firms.

The beneficiaries comprise those small and medium business owners who found it difficult to pay back loans obtained during COVID-19 and those who found it difficult to operate their businesses due to COVID-19.

Presenting dummy cheques to some first batch beneficiaries, the Commissioner for Budget and Planning, Prof. Musbau Babatunde; his Finance counterpart, Mr Akinola Ojo; and Director-General OYSIPA, Ms Lola Olutola, explained that Oyo was the first state in Nigeria to disburse the fund.

SEE ALSO: Nigeria Immigration Service(NIS) to recruit 5,000 personnel

 

“This is a dream come true. Nigeria was just recovering from the recession when COVID-19 came. The economy almost collapsed. We approached the World Bank for a solution, and that’s what culminated in Oyo Cares today. This initiative will have a multiplier effect on the economy. We thank Governor Makinde for the support he has been giving this project,” Babatunde said.

Speaking, Ojo explained that the initiative was the government’s way of empowering entrepreneurs, adding that Oyo Cares was embraced because it aligned with Governor Seyi Makinde’s vision of taking people from poverty to prosperity.

Elucidating on the beneficiaries, project manager, Oyo NG-CARES, Mr Akin Makinde said support for the first category of beneficiaries will come in form of assisting those who obtained loans during COVID-19 to pay back about 40 per cent of the remainder of their unpaid loan.

SEE ALSO: Fresh Job Vacancy at Dangote Group

 

Under this category, Makinde said the fund will be paid directly to the originating microfinance bank with the borrower only informed that certain money had been paid on his or her behalf.

He further stated that the second category of beneficiaries will receive operation grants to assist in the running of their businesses between the sum of N120,000 and N240,000.

Makinde explained that the funds will go directly into the company’s account on a monthly basis for six months.

BoI’s State Manager, Mr Cyril Anyanwu, disclosed that the sums would begin to drop in beneficiaries’ bank accounts on Tuesday (today). He also urged them to use it for the right purpose.

He lauded the Oyo state government for keying into the NG-CARES programme meant to relieve people of the burden of COVID-19.

Some of the beneficiaries including Havilllah Foreboding, and Cornerstone Educational Consult lauded the NG-CARES as touching the existence of businesses and the needs of the poor.

FREE ACCESS: How to run and manage Facebook, Instagram Ads: Meta Business Management

Free Meta Business Management Course


DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.
Easter Hunt Sale
Easter Sale
Sam Rantimi

About the Author: Sam Oluwarantimi

Interpersonal Communication Specialist & Graduate (Biology), Obafemi Awolowo University. Join me on Twitter.

Got a question/Suggestion? Let's talk!

LATEST OPPORTUNITIES:

🕛 Jan 27, 2023
Mercedes-Benz Graduate Development Program 2023
in Internships / Graduate Trainee Progs. | for Africans

🕛 Jan 31, 2023
American University Human Rights Essay Award 2023(Fully-funded to Washington D.C. USA)
in Awards & Prizes | for Professionals

🕛 Jan 31, 2023
Dolors Alberola Poetry Prize 2023
in General Competitions | for Writers & Poets

🕛 Jan 31, 2023
University of Glasgow James McCune Smith PhD Scholarships for International Students 2023
in Post-Graduate Programs | for Post Graduates

🕛 Jan 31, 2023
Utrecht University 2023 Excellence Scholarship for International Students
in Masters Programs | for Post Graduates

🕛 Feb 01, 2023
Carleton University 2022/2023 Richard J. Van Loon Scholarships for African Students
in Masters Programs | for Africans

🕛 Feb 01, 2023
St. Gallen Symposium 2023 Leader of Tomorrow Essay Competition (CHF 20,000+Funded to Switzerland)
in Essay Contests & Prizes | for Post Graduates

🕛 Feb 01, 2023
Study in Holland: Delft University of Technology Scholarship 2023-2024
in Masters Programs | for Post Graduates

🕛 Feb 01, 2023
Study in USA: University of La Verne 2023 Performance Scholarship for Undergraduate Students
in Scholarships | for Undergraduates

🕛 Feb 01, 2023
Wageningen University&Research Africa Scholarship Programme for Africans 2023
in Masters Programs | for Africans

8 9 10 11 12 13 14 15