The Bola Tinubu-led Federal Government has announced that it will restart the Tradermoni scheme in November after it was suspended for a while.
Speaking in an interview on Channels Television’s Sunday Politics, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, said each beneficiary of the scheme gets N50,000 to support their business.
The minister said the scheme is an interest-free loan initiative for traders, with those who repay qualifying for another loan.
She said the government will select one big market per senatorial district during the relaunch, stressing that 109 markets will be visited for the first set, and traders will be captured in their shops in the markets.
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.
“Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries. It’s N50,000 to support their businesses.
“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.”
Edu dismissed claims that the scheme is a political tool, saying that the present government is committed to making things better for Nigerians.
She added: “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.
“Now, for the first set, which we are starting in November, we selecting one big market per senatorial district. That is 109 markets.”
