Cross River Govt clears air on Federal Loan, confirms ₦13,000 Bank charge

The Cross River State Government has clarified issues surrounding the Federal Government loan scheme being implemented in the state, following reports and speculation circulating in the public space.

In a statement issued by the Office of the Secretary to the State Government, the loan was described as a genuine Federal Government initiative, implemented in partnership with the Cross River State Government through the Office of the Chairman, Cross River State Youth Empowerment Scheme (YES).

The government explained that the loan facility, which is domiciled in Zenith Bank, is designed to support Cross Riverians seeking to start or expand their businesses.

According to the statement, a statutory deposit of ₦13,000 is required from prospective beneficiaries, stressing that the amount is legitimate and uniform for all applicants. The deposit, the government said, covers Corporate Affairs Commission (CAC) registration processes, the opening of individual Zenith Bank accounts and the issuance of ATM cards to beneficiaries.

The government further disclosed that the loan amount varies depending on the category of business, with a maximum limit of ₦5 million.

Reassuring the public, the state government urged Cross Riverians to disregard misinformation and take full advantage of the opportunity to access the loan facility for economic empowerment.

The clarification was signed by the Secretary to the State Government, Prof. A. Owan Enoh, who reiterated the state government’s commitment to transparency and inclusive economic development.

If you want, I can also compress this for breaking news, expand it with background on the YES scheme, or reframe it for youth and SME-focused platforms.

Join Very Nigerian WhatsApp Channel
For Verified Breaking News, Exclusive Reports, Trending Stories, And Real-time Updates.
CLICk HERE TO JOIN!