Akwa Ibom State Governor, Pastor Umo Eno, has threatened to redeploy the ₦2 billion interest-free loans to farmers, announced since March 2024, if the money is not accessed by the intended beneficiaries within the next 90 days.
Our correspondent recalls that the governor, while announcing the financial intervention at the popular Itam Market in Itu Local Government Area to Akwa Ibom traders, directed that the funds be managed by the Ibom Fadama Micro Finance Bank.
The announcement followed complaints received that some traders were securing loans for their businesses with high interest rates, a development that prompted him to release ₦500 million in interest-free loans to each of the three senatorial districts to help traders and their businesses.
Addressing a stakeholders meeting at Government House, Uyo, recently, the governor regretted that, to date, none of the traders have accessed the funds. He, however, threatened to redirect the money to other projects if the traders failed to access the funds in ninety days.
“That money has been there at the Accountant General’s office, and ninety days from today we will send it to any other place,” he stated.
Governor Eno charged his Senior Special Assistant on Trade and Market Matters, Mr Idorenyin Raphael, to immediately liaise with the Secretary to the State Government, Prince Enobong Uwah, to get the money out of the system.
“We have announced a two billion Naira interest-free loan to our traders, and up till now, nobody has accessed that money because of their in-house wahala. And of course, let me also say here that in the next ninety days, if you do not use the money, we will use it for something else. Money appreciates; I cannot set aside money forever,” he declared.
“We have also given money even to our non-indigene communities: the Arewa community, Yoruba, Igbo, and Niger Delta communities. But we are waiting for the modality 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 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 submitted.
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