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FG To Begin Tradermoni November, Each Beneficiary To Get N50,000

ABUJA – The Federal Government is set to reintroduce the Tradermoni scheme in November this year with each beneficiary getting N50,000 to support their business.

Recall that the interest-free loan scheme for traders which began in 2018 under the administration of President Muhammadu Buhari, was suspended in 2021.

The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu confirmed this on Sunday in a chat on Channels Television programme, Sunday Politics.

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.

“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,”

According to the Minister, the scheme is a one-off interest-free loan with those who repay qualifying for another loan.

She also disclosed that the conditional cash transfer policy of the government is set to return later in the 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 15m households in Nigeria” she noted.

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