FG to distribute N10bn Trader Moni loan in 2020

FG to distribute N10bn Trader Moni loan in 2020

- In 2020 the Federal Government will be disbursing N10 billion as TraderMoni loan to beneficiaries

- The FG will disburse the loan to each beneficiary on an interest-free and collateral-free basis

- Also, the funding for the loan was captured in the 2020 Aproporation Bill recently signed by President Buhari

The Nigerian government is set to distribute N10 billion as TraderMoni loan to petty traders across Nigeria in the year 2020.

The loan which ranges from N10,000 to N100,000 will be disbursed to each beneficiary on an interest-free and collateral-free basis.

Vanguard reports that as part of the Federal Government's social intervention programme, the 2020 appropriation bill signed by President Muhammadu Buhari shows that N10 billion was allocated to BOI as ‘Grants to BOI to support low-interest loan to SMEs’.

FG to distribute N10bn Trader Moni loan in 2020

The loan which ranges from N10,000 to N100,000 will be disbursed to each beneficiary on an interest-free and collateral-free basis.
Source: Facebook

It was also gathered that the same amount was allocated for the same purpose in the 2019 Appropriation Bill.

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Although an official of BOI said the bank does not receive any other money from the FG apart from the fund received for disbursement as Trader Moni, available data shows that 4.6 million people have been enumerated out of which 2.57 million have been verified for the loan.

Meanwhile, Legit.ng previously reported that Nigeria's vice president, Yemi Osinbajo, had said he was excited hearing testimonies of beneficiaries who had benefitted from the TraderMoni.

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Osinbajo said the feedback received from the field on the disbursement of TraderMoni by the Federal Government is heartwarming.

He also said the testimonies indicate that the Tradermoni and Marketmoni beneficiaries are doing very well and are paying back their loans.

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