How to Apply for FG N75bn loan

How to Apply for FG commits N75bn loan to 1.5m market women Fund through Iyaloja:

Under the Government Enterprise and Empowerment Programme, the Federal Government will give N50,000 non-interest loans to 1.5 million marketwomen each, according to Minister of Humanitarian Affairs and Poverty Alleviation Dr. Betta Edu. This will enable these women to increase their capital and grow their businesses.

She said that on October 17, the N75 billion market women fund—also referred to as the Iyaloja Fund for impoverished market women traders—would be unveiled.

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The minister who made the announcement in Abuja during an advocacy visit to the Minister of Information and National Orientation, Mohammed Idris, said the programme would be implemented in three phases with 500,000 persons scheduled to benefit from the first phase.

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She said, “We will start right away and will provide the GEEP Programme; we have Iyaloja Funds which is equivalent to Market Women Money. We have the Jaga Funds which is capital fund for trader and Farmers’ Money, which is called the Hugo Fund. The Farmer’s Money will be provided for the poorest of the farmers to enable them go into the next farming season.

“The Iyaloja Fund will be providing for poor market women-traders in the market, helping them to improve on their capital and expand on their businesses. These are non-interest loans given to these persons.”

Edu said the administration of President Bola Tinubu has reiterated its commitment to fighting poverty through the eight-point agenda by announcing a conditional cash transfer of N75,000 in three tranches in support of 15 million households, which translates to 62 million individuals.

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“This is not the program you hire people to build houses under. The communities will construct their own homes. All we would do is set up the favorable conditions. The Minister emphasized that they are also obliged to source locally for everything they will need to create the house, including the furniture.