Adeleke supports cooperative societies with N1.1bn in Osun
…Restates commitment to boost economy
By Ismail Azeez, Osogbo
Osun State Governor, Ademola Adeleke has reiterated the commitment of his administration to boost the local economy and relieve the pains of the people of the state.
Adeleke made this known on Wednesday, during the flag off ceremony of the One Billion Naira Revolving Loan for Cooperative societies in Osun State.
According to the governor, the launching of the Osun State Special Ward Level Cooperative Programme was part of the efforts to fulfill his electoral praises
He said, “As a government that fulfills electoral promises, our gathering here is to ensure loans of various categories are disbursed to registered cooperative societies to grow their business and expand the state economy.
“I am to reconfirm to our people again that this government is committed to boosting the local economy, relieving the pains of the people and deepening the state GDP.
“Permit me to give you some details about the programme we are launching today.We are operationalising 332 Cooperatives in each of the 332 wards in Osun State.
“The target is to have Forty Six beneficiaries per ward ,making a total of Fifteen Thousand, Two Hundred and Seventy Two beneficiaries.
“The target participants include men and women traders and artisans to benefit in phase one of the Ward Level Cooperatives Programme. Phases two and three of the programme will have the same number of beneficiaries.
“The funding for the programme is to be provided in three installments of One Billion, One Hundred and Forty Five Million Naira,Four Hundred Thousand Naira (N1,145 400,000.00) for each phase. This will make a total of Three Billion, Four Hundred and Thirty Six Million, Two Hundred Thousand Naira Only (N3, 436, 200,000) for the planned three phases.
“In summary, Phase One will have Fifteen Thousand, Two Hundred and Seventy Two (15, 272) beneficiaries. Similar number of beneficiaries will benefit from both phase two and three, making a total of Forty Five Thousand, Eight Hundred and Sixteen beneficiaries.
“I charge beneficiaries to ensure the sustainability of the loan scheme by making the system through a revolving scheme. We must try as much as possible not to default. The fund must go into productive businesses to achieve the goal of wiping out poverty from the land.”
In his welcome address, the Commissioner for Cooperatives and Empowerment, Prince Bayo Ogungbangbe said the programme was a testament of the resolve of the administration to fulfill its promises of making life better for our people.
