FG To Resume TraderMoni Scheme November, Earmarks N50,000 Per Beneficiary

The Federal Government on Sunday, said it will restart the TraderMoni scheme in November with each beneficiary getting N50,000 to support their business.

The Minister of Humanitarian Affairs and Poverty Alleviation Mrs Betta Edu, made this known while speaking on Channels Television’s Sunday Politics.

Osun Defender reports that the scheme started in 2018 with the first beneficiaries getting N10,000.

The Minister said the Tradermoni is a one-off interest-free loan with those who repay qualifying for another loan.

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.”

The Minister however said the money will be augmented this time around.

“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,” the minister noted.

• Kazeem Badmus

Kazeem Badmus

Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.

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