Bauchi Govt Disburses N8.9m For RUFIN Programme

The Bauchi State Government has disbursed more than N8.9 million out of the N10 million earmarked for Rural Finance Institution Building Programme (RUFIN), an official has said.

The official, Mr Sa’idu Abubakar, the outgoing Managing Director, Bauchi Investment Cooperation (BIC) disclosed this during a meeting between the state government officials and the RUFIN Supervision Mission team.

Abubakar said the funds were disbursed to 22 of the 281 registered cooperative societies in the three participating LGAs of Bauchi, Azare and Ningi.

According to him, six cooperative groups received N2.2 million, nine groups from Azare received N3.7 million while N2.9 was disbursed to seven groups from Ningi.

He identified the lack of access to finance as the major factor militating against the nation’s to economic development, especially in the rural areas where about 70 per cent of the population reside.

Abubakar said that with the strengthening of micro finance institutions through RUFIN, the government should consider channelling funds for rural development through such institutions to ensure effective utilisation.

He said that the capacity of BIC had been enhanced to provide sustainable financial services to its clients, who he said, were mostly women, youths and vulnerable groups.

Accourding reports that RUFIN is being funded by the International Fund for Agricultural Development (IFAD) and the Federal Government and is aimed at strengthening micro-finance institutions in the rural areas.

The objective is to ensure access to credit rural micro enterprises.

Targeted at women, youths and vulnerable groups, the programme will be implemented over a seven-year period.