The money is part of its counterpart fund in a N2 billion intervention fund to be floated in collaboration with the Bank of Industries, BoI.
A statement issued in Sokoto Tuesday by Tambuwal’s spokesman, Imam Imam, said the governor spoke when he led officials on an inspection visit of SG Adiya Farms in Bodinga LGA of the state.
It quoted Mr Tambuwal as saying that local businesses in Sokoto will soon access the funds to boost up their capital base and expertise.
He said with the payment, the funds will be made available to beneficiaries as soon as the BoI released its portion of the counterpart funds.
“As we stated during the signing of MoU with the Bank of Industry last year, the fund will focus on micro, small and medium scale enterprises.
“This is important because SMEs are critical component in implementing the industrialization policy of this administration.
“Sokoto state government is determined to give the people all the required support to improve their businesses. I urge our entrepreneurs, businessmen and women to partner with government to ensure the success of this important policy,” the Governor added.
Speaking on the SG Adiya Farms, Mr Tambuwal commended the owner for maintaining standards and providing employment opportunities to many citizens of the state.
In his remarks, the managing director of Adiya Farms, Abdullahi Adiya, said the farm has been at the forefront of service to the people of Sokoto for decades.