The Federal Government plans to reintroduce the TraderMoni initiative in November, with each beneficiary receiving N50,000 to help grow their companies.
The interest-free loan program for traders, launched in 2018, had been idle for a while, but it has not been cancelled, according to Betta Edu, the minister of humanitarian affairs and poverty reduction.
“Now, for the first set, which we are starting in November, we are selecting one big market per senatorial district, totaling 109 markets,” Edu confirmed the scheme’s rebirth. We’re going to the markets and capturing the traders in their businesses.”
In contrast to previous rounds, where traders earned N10,000, this relaunch would award beneficiaries with N50,000 to help them with their companies.
This announcement was made by Edu during an appearance on Channels Television’s Sunday Politics.
“We’re not interested in party lines or any other social or personal interests.” We capture them in the market, and then we open a bank account soon as they are captured, and the funds are transferred directly from the CBN account,” the minister explained.
She explained that this is a single, interest-free loan, and that those who return it are eligible for a second loan.
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She denied that the initiative is a political tool, stating that the elections have concluded and that the current government is committed to improving the lives of Nigerians.
“Well, for now, we don’t have elections. We don’t have elections as we launch the Renewed Hope GEEP initiative; we have Nigerians. Politics has ended. We are dealing with government. That is what President Bola Ahmed Tinubu stands for,” the minister stated.
“We are now selecting one large market per senatorial district for the first set, which will begin in November.” That translates to 109 markets.”
She also stated that the government’s conditional cash distribution policy will be reinstated later this month.
“With the President’s approval, which we hope to receive this week, we will officially launch the conditional cash transfer to 15 million households in Nigeria on October 17th,” she said, underlining the government’s efforts to improve the efficiency of the social register.
