Fintiri Business Wallet disburses N2bn to 40,000 residents in Adamawa

Fintiri Business Wallet disburses N2bn to 40,000 residents in Adamawa

Gov. Ahmadu Fintiri of Adamawa has disbursed N50,000 each to 40,000 beneficiaries under the fourth phase of his Poverty Alleviation and Wealth Creation Agency (PAWECA) scheme, known as the Fintiri Business Wallet.

He made this known at the presentation of cheque to the beneficiaries on Thursday in Yola.

Fintiri, who was represented by his Deputy Prof. Kaletapwa Farauta, said the initiative, introduced in 2023, was part of his administration’s strategy to reduce poverty, promote entrepreneurship and support small-scale businesses, particularly among women and youths.

According to him, the first and second phases targeted 20,000 women traders, while the third phase in late 2024 extended to 100,000 men and women, bringing total disbursements to N5 billion.

“The programme had contributed to lowering the state’s poverty rate from 74 per cent to 60 per cent, according to the National Bureau of Statistics.

“In this phase, we are disbursing N2 billion to 40,000 beneficiaries, while another N5 billion will go to 100,000 beneficiaries before the end of 2025,” the governor said.

Fintiri also highlighted his administration’s investment in skills acquisition, stating that over 55,000 youths had been trained in various trades, including ICT, and provided with starter packs.

He congratulated the new beneficiaries and urged them to use the funds responsibly to improve their livelihoods, support their families and contribute to community development.

Director-General of PAWECA, Dr Michael Wadaragwo, said more than 100,000 residents had already benefited from the programme.

Wadaragwo said the monitoring and evaluation showed measurable economic impact, including GDP growth and reduced poverty.

He added that Fintiri had approved an additional 100,000 wallets for the next phase, which could increase productivity in micro and small businesses by up to 70 per cent.

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Wadaragwo explained that beneficiary selection was carried out openly in markets, streets and homes to ensure fairness and transparency.

He said the Ministry of Entrepreneurship Development and PAWECA would provide follow-up business support, trader clinics on investment, savings and continuous monitoring to sustain the businesses.

Wadaragwo said more than 60,000 citizens had benefitted from the state’s Technical Skills Acquisition Centres, with 10,000 new trainees recently shortlisted to select their preferred trades.

“The state plans to establish a technology hub in partnership with the Bank of Industry and other stakeholders.

“These effort is geared towards transforming Adamawa from a civil service state into a small-business driven economy,” he said.