The Ekiti State Government has disbursed over ₦20 million to more than 40 beneficiaries in the second batch of the Ekiti State Art Endowment Fund, with individual grants ranging from ₦200,000 to ₦1 million.
The cheques were presented on Monday at the Cultural Centre, Ado-Ekiti, by the Ministry of Arts, Culture and Creative Economy under Governor Biodun Abayomi Oyebanji’s administration.
Commissioner for Arts, Culture and Creative Economy, Professor Razak Ojo Bakare, described the fund as proof of the government’s commitment to growing the creative sector.
He said the scheme, first rolled out in 2024 and revived in 2026, was driven by Governor Oyebanji’s passion for the industry and would now run annually as a revolving fund.
“The sustainability of this initiative depends on beneficiaries fulfilling repayment obligations,” Bakare said. “The fund is structured so more practitioners can benefit in the future.”
Beneficiaries have a six-month moratorium before repayment begins, with a 7% interest rate and a 24-month repayment period. Those who repay on time may qualify for double the amount received in the next cycle.
Traditional musical associations received ₦1 million each, while companies and individual creatives also got support. Award letters were presented to traditional groups, associations, companies, and individuals.
Bakare thanked the governor for backing practitioners in the arts and culture space and urged beneficiaries to use the funds well. He added that the selection process was transparent and credible.
Some of the beneficiaries called the intervention “a welcome development” that would improve livelihoods in the sector.
Dignitaries at the event included Prince Adelusi, Mrs. Tolulope, Director Joel Olabode, Mr. Faskin Bolaji, and Director of Administration and Supply, Mr. Ogunrinde.
Beneficiaries were advised to put the funds to productive use to strengthen Ekiti’s creative economy and create more opportunities in the sector.
