Adebayo Adenrele
The Ekiti State Government on Monday distributed Arts Endowment Fund worth N20,000,000 to 40 beneficiaries in the state.
According to Governor Biodun Oyebanji, the soft loan, distributed among 34 individuals and 6 groups, is in line with his shared prosperity agenda towards ensuring that creators in the state enjoy dividends of governance.
Oyebanji, represented by the Head of Service, Sunday Komolafe urged the the beneficiaries to utilise the fund wisely and judiciously towards their growth, creativity and productivity.
His words, “This is one of the programmes by the governor to ensure that creators in the state enjoy the dividends of the governance towards expanding their businesses.
“The state government is committed towards ensuring that creatives continue to create towards the productivity and economic growth of our dear state.”
Speaking with journalists after the official presentation of award letters to beneficiaries in Ado-Ekiti, the state’s Commissioner for Arts, Culture and Creative Economy, Professor Rasaq Ojo-Bakare warned the beneficiaries against loan default.
The Commissioner noted that the loan, which comes with 7% interest rate, will expand the creative businesses of the beneficiaries towards contributing to the rich cultural heritage of Ekiti.
Ojo-Bakare added that Ekiti is the first sub-national to implement the endowment fund policy since its inception in 1989 under the General Ibrahim Babangida’s administration.
He said, “This fund is a support mechanism for Ekiti State creatives. This will have a canon effect on productivity. A soft loan like this with very low interest will always inspire the creative energy of our people.
“Although, some sub-nationals have made occasional financial interventions in the sector in the past but Ekiti state is the first state in Nigeria to bring this structured and revolving endowment fund policy to implementation since its inception in 1989 under the Babangida’s administration.
“This fund is for our talented artists and creatives. It is designed to help them bring their ideas and showcase their talents and expand their creative businesses.
“I therefore encourage you to spend the money judiciously on the project you proposed.
“It is a loan, don’t waste it, you can’t take it and run away. You will pay it.
“The wise thing for you to do is to spend the money well. Pay back quickly and collect another one.
Speaking on repayment duration, he said, “The duration of repayment is 18 months, 6 months moratorium period, 12 months to pay gradually and the interest rate is 7%.”