Asset Acquisition Scheme (NAPAAS) has distributed 285 motorcycles and 50 tricycles to low income earners in Benue in order to boost their income profiles.
The distribution was done weekend at the state office of the Legion of Ex- Service Men in Makurdi the Benue state capital.
Addressing the beneficiaries, the state coordinator, NAPAAS, Ambassador Philip Wuhe, said the scheme was targeted at reducing poverty among low income earners as well as the less privileged.He stated further that 250 motorcycles and 50 tricycles were to be distributed to the ex -service men while the remaining 35 motorcycles were for other low income earners in the state.
“NAPAAS’ major target is poverty reduction. It wants the low income earners too to have viable means of livelihoods.
“The motorcycles are not given for free. The beneficiaries are expected to show their commitment by paying initial deposit of ₦22, 000 and ₦54,100, after which they will spread their payment within 19 months for motorcycles and 24 months for the tricycles respectively.
“At the end of the nineteenth month, if the beneficiary did not default in the payment, the motorcycle becomes his or hers.
“The tricycles are 560 and the beneficiaries will be paying N54,170 per month for 24 months.
“At the end of the twenty- fourth month of payment, if the beneficiary did not default, the tricycle becomes his or hers,” he said.
He further stated that the exercise was a continuous process, which targets a total of 640 motorcycles and 560 tricycles, adding that the scheme wanted more people to benefit from it.
He also said that another batch of the motorcycles would soon be received in the state.
Also national assistant coordinator of NAPAAS, Godwin Adakole, said though the programme is a revolving scheme, it is facing a challenge of lack of payment by those who have already benefited.
“So far, NAPAAS is being owed over ₦100 million by those who have already benefited from the scheme.
“This is posing a great problem to the scheme. So, I advise those who have already benefited to show more commitment and allow others to benefit,” he added.
Meanwhile, few of the beneficiaries who spoke to Blueprint lauded the initiative.