SAFER: Beneficiaries, Others Demand More As Makinde Disburses N500m SME loan

Ian avowed bid to tackle the economic challenges occasioned by the removal of fuel subsidy, Governor ‘ Seyi Makinde, in August 2023, set up a 15- man committee for the Sustainable Action for Economic Recovery ( SAFER).

Led by the Chief of Staff to the Governor, Segun Ogunwuyi, the committee aims to mitigate the impact of the subsidy removal on the state’s residents. Government officials in the committee include the Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde.

Matching action with words, in October 2023, the state government presented N500 million SAFER cheques to participating microfinance banks across the seven zones in the state.

Presenting the cheques, the Chief of Staff, who is also the chairman of SAFER committee, said the N500 million would serve as loan support to small and micro enterprises under the Sustainable Action for Economic Recovery ( SAFER).

Ogunwuyi said the beneficiaries were selected based on their business capacities.

To appraise the effectiveness of the scheme, on February 5, 2024, the government began the monitoring of beneficiaries of the N500 million SME scheme.

The state’s Commissioner for Budget and Economic Planning, who also doubles as the chairman of the SAFER Small and Medium Enterprises ( SME) sub- committee, Professor Musibau Babatunde, led members of the subcommittee on the monitoring and evaluation visit to participating microfinance banks and some beneficiaries of the loan in Ibadan, Oyo and Ogbomoso, Oke- Ogun One and Two, climaxing at Ibarapa zone on February 8, 2024.

In all the zones, like Oliver Twist, participating banks and beneficiaries requested for an expansion and extension of the programme to capture more residents.

In Ibadan zone, the Managing Director, NUT Oke- Bola Microfinance Bank, Ibadan, Dr Paul Adu, who is also the coordinator for the seven participating banks across the state, lauded the good initiative of the government.

Similarly, the Chief Operating Officer, Full Range Microfinance Bank Limited, Adamasigba, Ibadan, said the loan support is viable towards alleviating poverty, creating jobs and boosting businesses, adding that the loan scheme is not propaganda as insinuated by some people.

The duo appealed to the government to increase the loans disbursed to the participating banks, as some of the eligible applicants have yet to be attended to.

Also speaking, the Managing Directors of Isale Oyo Microfinance Bank, Saabo Market, Oyo and Caretaker Microfinance Bank, Ogbomoso, Mr Salawudeen Oyedele and Mr Olayiwola Oladoke, said the beneficiaries of the SAFER loan cut across farmers, artisans, small scale manufacturers, booksellers, market men and women, among others.

They stressed that as participating banks, the programme has impacted positively on their banks and on the beneficiaries.

They all confirmed that most of the beneficiaries had started the repayment of the loan as duly stated.

In the Oke- Ogun zone, the Managing Director of Ebedi Microfinance Bank Limited, Iseyin, Mr. Afolabi Abiola, said: “The beneficiaries want it to continue. They are demanding more and those yet to benefit are eager to be part of it.”

In Shaki ( Oke- Ogun Zone), it was the same story, as the Managing Director of Kadupe Microfinance Bank Limited, Shaki, Olawale Abegunde, said residents of the town are yearning for more.