Each recipient of the TraderMoni initiative will receive N50,000 to support their business when the Federal Government (FG) relaunches it in November.
The government intends to restart the interest-free loan programme for traders, which was launched in 2018 but has been put on hold for some time, according to Minister of Humanitarian Affairs and Poverty Alleviation Betta Edu.
She stated: “Now, for the first batch, which we are commencing in November, we are selecting one huge market per senatorial district. This confirms that the plan has not been abandoned. That is 109 marketplaces, and we are entering them to photograph the vendors inside their storefronts.
There is more money available for the recipients than the N10,000 granted to vendors in earlier phases.
She added on the Sunday Politics segment of Channels Television, which News Point Nigeria was watching, “It’s N50,000 to support their businesses.”
Party lines or any other social or personal interests are not important to us. The money is remitted straight from the CBN account when we seize them in the market and construct a bank account exactly as they are being seized, according to the minister.
She claims that it is a single, interest-free loan with the possibility of receiving more loans for those who repay.
READ ALSO: FG will begin conditional cash transfers to 15 million households on October 17th – Betta Edu
The minister denied allegations that the scheme is a political tool and asserted that elections are over and that the current administration is dedicated to improving conditions for Nigerians.
“Well, the elections aren’t happening right now. There are Nigerians present as we launch the Renewed Hope GEEP programme; elections are not taking place. Politics has ended. We have governance issues. The minister continued, “President Bola Ahmed Tinubu is all about that.
Now, we are choosing one large market per senatorial district for the first set, which will begin in November. 109 markets, then.
She also stated that the government’s policy of conditional cash transfers is scheduled to resume later this month.
She continued, stressing that the government is cleaning up the social register for effectiveness. “With the approval from the President which we hope to get this week, on the 17th of October, we will be officially launching the conditional cash transfer to 15m households in Nigeria.”
