Excitement as Sokoto government prepares to disburse N1bn direct loans to traders

Excitement as Sokoto government prepares to disburse N1bn direct loans to traders

- Governor Aminu Tambuwal of Sokoto is giving out the sum of N1 billion as direct loans to traders in the state

- The governor states that the loan is in addition to the N2 billion earlier earmarked for the traders

- The governor says the N1 billion is to be provided through the state’s investment company, the chamber of commerce and the Sokoto Traders Association

The government of Aminu Tambuwal of Sokoto is reportedly set to disburse a total of N1 billion to traders in the state as direct loans.

This move was announced by the governor who said the loans were not part of the N2 billion earlier earmarked for disbursement to the traders.

The governor explained that the earlier N2 billion loan approved by his government would soon be disbursed to the beneficiaries when they satisfy the laid dawn conditions.

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Daily Trust reports that Tambuwal spoke at an interactive session with members of the business community in Sokoto state.

The interactive section, it was learnt, was organised by the state chamber of commerce and industries in collaboration with Sokoto traders association.

The governor said the N1 billion is to be provided through the state’s investment company, the chamber of commerce and the Sokoto Traders Association (STA).

According to him, the state government had extended the period the loans should be repaid from one year to two years. The government also stopped the payment of interest on the loans.

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The president of the Sokoto state chamber of commerce and industries, Alhaji Muazu Bello Magajin Rafi, commended Tambuwal for his government’s support to the business community in the state.

Legit.ng earlier reported that Nigerian traders have benefited immensely from the nationwide Trader moni loan initiative of the federal government as more than N15 billion have been disbursed to over 1.5 million petty traders.

TraderMoni is a N10,000 collateral-free loan initiative for petty traders under the Government Enterprise and Empowerment Programmes (GEEP), one of the Social Investment Programmes (SIPs) of the Buhari administration.

However, the Transparency International Nigeria (TIN) recently claimed that the federal government TraderMoni scheme is a form of vote-buying in the forthcoming general elections.

Auwal Rafsanjani, chairman of the observer group, made this claim while appearing as a guest on Channels Television’s Lunch Time Politics.

In response, the vice president, Yemi Osinbajo, said the programme is not aimed at buying votes ahead of the 2019 general elections.

Osinbajo maintained that the programme was not a vote-buying measure employed by President Muhammadu Buhari ahead of the election.

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