The disbursement was held recently, at Fajuyi Square and the loan is to be repaid on relaxed terms.
The beneficiaries included 82 cooperative societies, 105 trade groups and 869 self-employed individuals with 780 women and 174 men from the 16 local governments.
Governor Kayode Fayemi said though market women and the other groups had benefitted from such revolving loans before, it was the first time beneficiaries were paid directly and not by proxies or guarantors.
He noted that because of the insincerity of the past administration, parts of the fund on the scheme were diverted to meaningless areas.
The governor said drivers, motorcycle riders and artisans had enjoyed revolving loan schemes before, adding that he preferred the beneficiaries having direct access to the disbursement channels and offices rather than through mentors and proxies.
Fayemi said the government would not harass the beneficiaries or resort to intimidation to make them repay the loan.
According to him, beneficiaries are expected to repay without stress to enable others to benefit from the scheme.
The governor said his administration was committed to tackling poverty from all fronts through job creation and other empowerment programmes, such as the loan scheme, to women’s trade groups.
Commissioner for Finance, Mr. Dapo Kolawole, said it was the first time the government was paying beneficiaries of a revolving loan scheme, adding that the former administration disbursed over N2bilion from which only a few people benefitted.
The Iyaloja of Igbara-Odo, Ekiti, in Ekiti South West Local Government, Mrs Ajoke Haastrup, urged members to use the loan judiciously.
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