BREAKING: FG Announces Date To Restart TraderMoni Scheme, Reveals Amount Each Beneficiary Will Get

BREAKING: FG Announces Date To Restart TraderMoni Scheme, Reveals Amount Each Beneficiary Will Get

The Federal Government is poised to revive the TraderMoni scheme in November, disbursing N50,000 to each beneficiary to bolster their businesses.

The Minister of Humanitarian Affairs and Poverty Alleviation, Mrs. Betta Edu, confirmed that the interest-free loan initiative, which began in 2018, will be relaunched.

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Edu clarified that the scheme has not been discontinued. She explained, “For the first set, starting in November, we are selecting one major market per senatorial district, totaling 109 markets. We will be going into these markets to register the traders in their shops.”

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In contrast to the earlier phases where traders received N10,000, this time the beneficiaries will receive a larger sum. Edu stated, “It’s N50,000 to support their businesses.”

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She emphasized that the selection process is non-partisan, focusing solely on traders within the markets. The minister outlined the procedure, saying, “We capture them in the market and, simultaneously, we create a bank account for them. The funds are then directly sent from the CBN account.”

Edu clarified that this is a one-time interest-free loan, and those who repay it will be eligible for another loan.

Dismissing allegations that the program is politically motivated, Edu pointed out that elections are over, and the government’s primary goal is to enhance the well-being of Nigerians.

“We don’t have elections right now. As we are starting the Renewed Hope GEEP program, we don’t have elections, we have Nigerians. Politics is over. We are focusing on governance. That’s what President Bola Ahmed Tinubu is all about,” the minister affirmed.

She also mentioned that the government’s conditional cash transfer policy is set to resume later in the month, pending approval from the President. Edu added, “On the 17th of October, we will be officially launching the conditional cash transfer to 15 million households in Nigeria.” She noted that the government is streamlining the social register for increased efficiency.

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