TraderMoni: NSIP says beneficiaries think scheme is a national cake, unwilling to repay loans

TraderMoni: NSIP says beneficiaries think scheme is a national cake, unwilling to repay loans

- NSIP has said that some of the recipients of TraderMoni are not willing to pay back

- The scheme further disclosed that beneficiaries thought the money was "a national cake"

- NSIP spokesperson in Kwara state, Bashirah Abdulrazaq-Sanusi, revealed that N1.3 billion has been disbursed

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The National Social Investment Programme (NSIP) has stated that some of the beneficiaries of TraderMoni, a loan scheme by the federal government, are refusing to make a payment back to the purse of the government.

Bashirah Abdulrazaq-Sanusi, the Kwara state spokesperson for the scheme, made this known on Wednesday, September 9, adding that over N1.3 billion has been disbursed so far.

According to the NSIP spokesperson, about 10,000 people who own small businesses have benefited from the scheme in Kwara state alone.

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She further stated that most of the beneficiaries treat the loan as “national cake” and are unwilling to pay back.

Abdulrazaq-Sanusi said there is no record of the beneficiaries, making it difficult for the government to make effective contact tracing.

TraderMoni: Beneficiaries think is national cake, unwilling to repay loans - NSIP
NSIP says beneficiaries of TraderMoni think is national cake and unwilling to repay loans. Credit: The Cable.
Source: UGC understands that TraderMoni programme was launched in 2018 and is designed to provide soft loans of N10,000 to boost small scale businesses.

“Poor masses are not ready to repay the loan after collection because of the attitude of Nigerians to anything from the government, thinking it is national cake.

"Also, those that disbursed the money do not have records of beneficiaries like phone numbers and addresses, thus, making it difficult to track them for repayment,” she said.

Abdulrazaq-Sanusi also stated that some of the N-Power beneficiaries were showing a “lukewarm attitude” to being incorporated into the Kwara state's ministries, departments and agencies (MDAs).

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In a related development, the planned 774,000 jobs for Nigerians project is still generating disquiet as House of Representatives members who belong to the Peoples Democratic Party (PDP) rejected the scheme, saying it is politically motivated.

In a statement on Monday, August 24, the PDP lawmakers caucus led by Kingsley Chinda said the planned projects under the supervision of the Ministry of Labour and Employment is an avenue to siphon the public funds.

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