The Tradermoni scheme, which has been on pause for a while, is scheduled to resume in November. Each recipient will receive N50,000 to bolster their businesses, according to 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.
In contrast to the earlier phases where traders received only N10,000, the beneficiaries will now receive a larger sum of money.
“It’s N50,000 to support their businesses,” she said
“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.
She explained that it is a single, interest-free loan, and those who repay it will become eligible for additional loans.
The minister also refuted allegations that the program is politically motivated, stating that elections have concluded, and the current government remains dedicated to improving the lives of Nigerians.
“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.”
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