FG disburses N10.8 million loan to 108 unemployed youths
The National Directorate of Employment (NDE) on Friday said the federal government has released N10.8 million as empowerment loans to 108 unemployed persons in Imo State.
Speaking at an orientation ceremony organised for the beneficiaries of the facility in Owerri, the director-general of the agency, Abubakar Nuhu-Fikpo, said the loans were to help the beneficiaries to start up agro projects, improve their socio-economic status, reduce poverty, create wealth and boost their leadership skills.
“108 beneficiaries from each of the 36 states and the Federal Capital Territory, Abuja, have each received N100,000,” said Mr Nuhu-Fikpo who was represented by the NDE coordinator in Imo, Ngozi Iheanacho.
The NDE boss said the loan was being disbursed under the Sustainable Agricultural Development Employment Scheme and the Community Based Agricultural Employment Scheme.
He noted that the loan was repayable in three years, with a nine per cent interest rate, adding that “we expect the beneficiaries to invest wisely in order to be able to pay back in 36 months.”
“This is part of government’s commitment to job creation and poverty reduction,” he said.
(NAN)
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