- The presidency has claimed that reports saying petty traders applying for N10,000 collateral-free loan needs to show their PVC is untrue
- The presidency said beneficiaries are not expected to show any document but must be able to prove they are genuine petty traders
Petty traders are not required to tender their Permanent Voter Card (PVC) before benefitting from the TraderMoni scheme, the presidency has said.
Laolu Akande, the senior special assistant to the president on media and publicity, Office of the Vice President, made this clarification on Sunday, September 9, in Abuja.
Akande, who gave an update on the microcredit scheme, explained that to qualify for the TraderMoni scheme, no documentation of any kind was required. He spoke against the backdrop of claims about PVC being a requirement for the loans.
The spokesman said the President Muhammadu Buhari Administration would intensify its efforts to empower more Nigerians economically as it continued to inaugurate the Trader Moni N10,000 collateral-free loans to petty traders across the country.
“The petty traders are not required to show PVC, or any document for that matter, they are only expected to show they are petty traders and this is why the enumeration is done in the markets and wherever the traders ply their trades," he said.
He also explained that those who questioned the timing of the loans had forgotten that the credit scheme was part of the Social Investment Programme (SIP) of the Buhari presidency, and had commenced since 2016.
The media aide said that Trader Moni specifically was conceived in 2016 and wondered if the initiative aimed at empowering traders would be suspended just because some people would insinuate motivations.
According to him, the petty traders whose trades and lives are being positively impacted as they receive the N10,000 are telling a different story from those making political insinuations as it is their stories that inspire the presidency.
“Nigerians already know that the Buhari Administration is one that is projecting the interests of the common man, Nigerians who are at the lower rungs, and this is not a new perception at all.
“This week, the interest-free loans, which have now been launched in eight states including the FCT, would be extended to more states including Oyo, Cross Rivers, and Kaduna states," he said.
PAY ATTENTION: Read the news on Nigeria’s #1 news app
The micro-credit scheme has been introduced in the following states -Lagos, Kano, Abia, Akwa Ibom, Katsina, Osun, Abuja, Kogi and FCT.
Legit.ng earlier reported that the federal government said it will empower two million petty traders across the country with collateral-free loans this year, Laolu Akande, spokesman for Acting President Yemi Osinbajo, has said.
Akande said that the new initiative, called TraderMoni, would be implemented under the Government Enterprise and Empowerment Programme (GEEP).
List President Buhari's achievements in two years - on Legit.ng TV: