The Federal Government is set to relaunch the TraderMoni loan scheme in November, with each beneficiary receiving N50,000 to support their businesses.
TrackNews Media reports that the interest-free loan programme, which was initiated in 2018, had been inactive for a while, but the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, has confirmed its revival.
In a recent appearance on Channels Television’s Sunday Politics, Edu explained that the new phase of the scheme would target one big market per senatorial district, totalling 109 markets. She also noted that the loan amount has been increased from N10,000 to N50,000.
Edu emphasised that the TraderMoni scheme is not a political instrument and that the government is committed to improving the conditions of all Nigerians, regardless of their political affiliation.
“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,” she said.
The minister also announced that the government’s conditional cash transfer policy is scheduled to resume later this month.
“With the approval from the President, which we hope to get this week, on the 17th of October, we will be officially launching the conditional cash transfer to 15 million households in Nigeria,” she stated.
