Madaki, who is the state chairman, organising committee of the competition, announced the release of the fund on Saturday in Kirfi, Bauchi State at the inauguration of the 32nd edition of the competition.
Madaki explained that the money was meant for the purchase of cars and other items to be presented to participants as gifts at the end of the one-week-long competition.
He said that each of the participating 20 Local Governments in the state had sponsored 12 participants, who would compete in six males and females’ category events during the competition.
Madaki said some of the prizes to be won include, four cars, four Keke NAPEP, 24 motorcycles, 14 sewing machines and 14 bicycles.
He said 60 participants out of the 240 participants, who would clinch the first to the fifth positions, would get the above listed items while the remaining 190 participants would get consolation prizes.
The chairman said that the gifts would serve as incentives to the participants as well as inspire the younger ones to develop the spirit of competitiveness.
He lauded Gov. Mohammed Abubakar of the state for supporting the annual event and called on the judges to be fair and firm with the fear of Allah.
The governor, who declared the competition open, described the exercise as desirable in the lives of Muslims.
Abubakar, represented by the Speaker, Bauchi State House of Assembly, Dr Damuna Kawuwa, also described the Quran as the holiest Book of Islam for the obedience and guidance of Muslims.
He advised Muslims to encourage their children and wards to recite and memorise the Holy Book to enable them worship Allah as ordained by Him.
The governor recalled that the state had groomed talents, who had represented the state in both national and international competitions and brought laurels to the state.
He, however, counselled participants against ‘do or die’ attitude during the tournament.