The Commissioner for Cooperatives and Empowerment in Osun, Prince Adebayo Ogungbangbe has said the present administration created the Ward-based Cooperative Societies to boost the grassroots economy and extend financial support to rural areas.
Ogungbangbe disclosed this while fielding questions from journalists in his office, State Secretariat Abere on Tuesday.
He said that present government under Governor Ademola adeleke watch has disbursed N332 million as revolving loans to 332 ward-based cooperative societies across the state.
He stated the initiative aims to boost the grassroots economy and extend financial support to rural areas.
He commended the people of Osun State for their unwavering support to Adeleke’s administration.
He said, “Mr Governor said the existing Cooperative Societies are situated in urban area from Osogbo, Ilesa, Ife among others and he wants this fund to go to grassroots. As we are speaking today we have 332 Wards based Cooperative Societies.
“Government has released 332 millions as revolve loans to all wards in the state to boost grassroots economy.
He however, urged people to continue unweaving support for the present administration.
Ogungbangbe, said the present administration in the state is doing everything possible focusing on boosting local economy and alleviating hardship among the people through the empowerment programme for the artisan, rural dwellers, market men and women as well as Cooperative societies across the state.
According to him, “The first Osun State Cooperative Summit was held in January, 2024 in which part of the discussions under the summit was declaration by Mr Governor that a sum of One Billion Naira would be released to the cooperative sector in which am highly elated today for the implementation of the decision which stakeholders can be attested to while all the 332 Ward based Cooperative Societies in the state have received One Million Naira each.
