The Ogun State Government has presented a cheque of N21 million revolving loan to the State Cooperative Federation Limited (OGSCOFED) to further fortify its movement for the socio-economic development of the State.
Presenting the cheque on behalf of the State Government, the Commissioner for Community Development and Cooperatives, Hon. Gbenga Adenmosun, said the gesture was to encourage and stimulate strong veritable self-help institution and create more jobs through the establishment of Micro, Small and Medium Enterprises (MSMEs).
Adenmosun further charged the management of the movement to make judicious use of the funds, warning that leaders found wanting for mismanagement of fund would be dealt with according to the provisions of the law.
He said that the loan would be payable at 7 per cent interest rate over a year into Government coffers, so as to entice the State for more loan to offer the movement when it is paid at a stipulated period.
“It is imperative for the members of the movement to be prudent with the fund and use it judiciously in order to appreciate the State Government and contribute immensely to the socio-economic growth of the state, as the Government will not hesitate in providing them more loans in due course” Adenmosun said.
Appreciating the State Government for its gesture, the president of the Movement, Alhaji Abdul-Rasaq Ola Balogun promised that the movement would continue to contribute its quota to the development of the State by paying its tax and rates as at when due.
“We are promising the State Government that the movement will make use of the money judiciously and no member will also found wanting for mismanagement of the loan and we are determined to contribute our qouta to the economic growth of the state” Alhaji Ola Balogun promised.
The Movement also assured the State Government that it would vibrantly get involved in the socio-economic development of the State that would further boost and increase the Internally Generated Revenue (IGR) of the State.