You'll get more soon - Osinbajo tells 27k Oyo traders after FG disbursed Trader Moni loan

You'll get more soon - Osinbajo tells 27k Oyo traders after FG disbursed Trader Moni loan

- It was all joy for traders of Gbagi market in Ibadan, Oyo when Vice President Yemi Osinbajo paid them a visit on Thursday, September 13

- Following the federal government's Trader Moni loan scheme that benefitted 27 thousand of the petty traders, Osinbajo assured them that more goodies are to come

- He assured them that the presidency is resolute in its decision to better the lives of Nigerians at the grassroots

Beneficiaries of the Trader Moni loan scheme in Gbagi market, Ibadan have been promised by Vice President Yemi Osinbajo on Thursday, September 13, that more funds would be committed to the scheme immediately they start paying back.

Osinbajo visited the market to assess how the loan was being executed and to ensure that all 27 thousand registered pettry traders in the state got the money, Punch reports.

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The loan, which goes without collateral and given through the Bank of Industry, is part of the federal government’s national social investment programme under the government enterprise and empowerment programme meant to reinforce the presidency's commitment to empower Nigerians at the grassroots.

The schemes aims at 30,000 petty traders and artisans in the state, with each of the beneficiaries entitled to N10,000.

Concerning the laudable move, Osinbajo said: “The policy of the Federal Government is to support businesses through the scheme, not just big businesses but particularly small, medium-sized and micro businesses. I came personally to the market to ensure that those who are meant to collect the money are getting it. I want to know how the scheme is going on in Gbagi Market.”

He further said that the presidency is aware of the contribution of petty traders to aid the nation’s economy, adding that the loan was a progressive one, which would both aid traders to expand their businesses, and improve their standard of living.

According to the scheme, beneficiaries have six months to repay the loan with flexible options of N85 daily or N430 weekly.

Toyin Adeniji, the executive director of Bank of Industry, assured the traders that everyone who registered for the loan would get the money.

Adeniji said: “For now, we have 27,000 beneficiaries but the target is 30,000 in the state. Beneficiaries who pay back as scheduled will have the opportunity to graduate to the next level of the loan.

"They can graduate to N15,000, N20,000 or even N50,000 levels and beyond. We implore them to use the money for the purpose for which it is intended.”

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One of the beneficiaries, Oladunni Aderinto, who deals in okra in the market, expressed her gratitude to the federal government for the loan. Aderinto urged other beneficiaries to pay back as scheduled.

Another beneficiary, Toyin Adegbite, said traders needed such loans to boost their trade and cater to their immediate financial needs.

Earlier, had reported that Laolu Akande, the spokesman for Osinbajo, had said that the federal government would empowered two million petty traders across the country with collateral-free loans in 2018.

Akande said that the new initiative, called TraderMoni, would be implemented under the Government Enterprise and Empowerment Programme (GEEP).

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