By Olubukola Olu-Ola
Ilorin – Kwara Government plans to collaborate with Bank of Industry (BOI) to incorporate beneficiaries of the Federal Government Social Investment Programme (SIP) into cooperative groups.
The state Director for the Conditional Cash Transfer scheme, Mrs Aminat Yahaya-Bagudu, said this in an interview with the News Agency of Nigeria (NAN) in Ilorin on Monday.
Yahaya-Bagudu said the government was ready to ensure that beneficiaries used the monthly allowance for tangible projects.
“This is coming on the heels of the government’s quest to ensure that beneficiaries used the money for tangible projects.
“A rotational savings system has been instituted for participants in the scheme, which will allow them to have access to loan.
“Those who have joined a cooperative society will now have access to loan based on what they have contributed in their rotational savings.
“What the government is doing now is to group these people into cooperative groups so that they will make rotational savings which will make them eligible for loans,” she said
The director said that BOI would coordinate the exercise through government entrepreneurship programmes.
“The BOI will identify the businesses such an individual wants to embark on, then 80 per cent of the money required will be released.
“They will also monitor and ensure that the money is spent for the intended purpose,” Yahaya-Bagudu said.
She said that her office was committed to sensitising the people on the need to enter into partnership with cooperative groups.