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Oyo Govt. Begins Disbursement 9f COVID-19 Relief Fund

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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.

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.

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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. 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 which include Havilllah Foreboding, and Cornerstone Educational Consult have lauded the NG-CARES as touching the existence of businesses and the needs of the poor.

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