The Federal Government announced the relaunch of the Tradermoni program in November, promising N50,000 to each beneficiary to beef up their business operations.
The government’s interest-free loan scheme for traders, initiated in 2018 and inactive for a while, is on the brink of revival, as indicated by Mrs. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation.
Confirming that the scheme has not been scrapped, she said: ‘Now, for the first set, which we are starting in November, we are selecting one big market per senatorial district. That is 109 markets and we are going into the markets, capturing the traders in their shops in the markets.’
Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries.
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‘It’s N50,000 to support their businesses,’ she said while on Channels Television’s Sunday Politics.
‘We are not interested in party lines, or any social or personal interest. We capture them in the market and then after doing so, we create a bank account just as they are being captured, and the monies are sent directly from the CBN account,’ the minister noted.
In her explanation, she clarified that this loan is a single, interest-free disbursement, and individuals who meet the repayment criteria will be eligible for subsequent loans.
In her explanation, she clarified that this loan is a single, interest-free disbursement, and individuals who meet the repayment criteria will be eligible for subsequent loans.
‘Well, we don’t have elections right now. As we are starting, the Renewed Hope GEEP programme, we don’t have elections, we have Nigerians. Politics is over. We are facing governance. That’s what President Bola Ahmed Tinubu is all about,’ the minister added.
‘Now, for the first set which we are starting in November, we selecting one big market per senatorial district. That is 109 markets.’
She also said the conditional cash transfer policy of the government is set to return later in the month.
‘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,’ she added, stating that the government is cleaning up the social register for effectiveness.