Home Economy FG Targets 10m for Trader Moni

FG Targets 10m for Trader Moni

by CredibleNews

The presidency has set a 10 million target for beneficiaries of Trader Moni, a scheme which provides small funds for petty traders across the country.

Laolu Akande, Senior Special Assistant to  the Vice President  said loan disbursement has not been affected by the general elections.

The presidency and the APC have been accused of buying votes under the guise of Trader Moni and suspending the scheme after winning the election.

But Akande debunked the accusation, disclosing that no fewer than 30,000 new traders have benefitted from the scheme since the conclusion of the presidential election won by president Muhammadu Buhari of the All progressives Congress..

“Trader Moni, the interest/collateral free N10,000 loan for petty traders is on course. Ignore reports to the contrary. In fact since after the elections, about 30,000 new loans have been given across ten states. Also since traders have started repaying, N15,000 disbursements have also commenced to petty traders in Lagos, Borno, Ogun & Oyo States.

“With Trader Moni once the initial N10,000 is repaid, the trader gets another N15,000, and then N20,000 up until about N100,000 loan.

“The Buhari administration is committed to this scheme and in the Next Level Implementation, ten million Nigerian petty traders would benefit, i.e. a significant increase from the initially planned two million beneficiaries. And this is for all the 36 States and the FCT,” Akande said.

Trader Moni is an empowerment scheme of the Federal Government created specifically for petty traders and artisans across Nigeria.

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