Market Monie Scheme: 4 Key Highlights as FG Perfects Plan to Give 1.5 Million Nigerians N50K

Market Monie Scheme: 4 Key Highlights as FG Perfects Plan to Give 1.5 Million Nigerians N50K

  • Federal Government under President Bola Ahmed Tinubu has created the 'Iyaloja Monie Scheme', which is for struggling market women to benefit from the Social Intervention programmes
  • The project derived its name from Iyaloja, a Yoruba word that translates to "Mother of the Market"
  • Under this programme, Tinubu's administration seeks to empower 1 million market traders with a non-interest loan of N50,000

Legit.ng journalist Ridwan Adeola Yusuf has over 9-year-experience covering current affairs in Nigeria

FCT, Abuja - The Bola Tinubu administration has commenced enlightenment ahead of the inauguration of the Iyaloja Monie Scheme.

The initiative has a target of reaching at least 1.5 million Nigerians across the 36 states and the federal capital territory (FCT).

Iyaloja Monie Scheme/Iyaloja Monie
The Tinubu government will soon kickstart the Iyaloja Monie Scheme. Photo credit: Asiwaju Bola Ahmed Tinubu, Yusuf Jimoh Aweda
Source: Facebook

Iyaloja Monie Scheme

In a recent statement by Rasheed Olanrewaju, the special adviser on media and publicity to Betta Edu, minister of humanitarian affairs and poverty alleviation, officials supervising the anticipated programme said President Tinubu "truly means well for the country".

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Edu was quoted as saying:

"He (President Tinubu) has promised to remove Nigerians from multi-dimensional poverty and humanitarian crisis.
"Presently, he is matching words with action.”

On that note, below are some highlights of the programme as shared on Wednesday, November 1, by President Tinubu's media centre.

1) 1.5 million market women to be empowered

The federal government will advance a non-interest loan of N50,000 each to 1.5 million marketwomen under the Government Enterprise and Empowerment Programme (GEEP). GEEP was set up by the ruling All Progressives Congress (APC) to provide financial assistance to market women, artisans, women cooperative societies, enterprising youths, small-scale farmers, agro-allied processors and other MSME categories for small and medium businesses in Nigeria.

Authorities say the Iyaloja Monie Scheme initiative is intended to expand the businesses of female traders.

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Legit.ng reports that the N75 billion market women fund would be implemented in three phases with 500,000 persons scheduled to benefit from the first phase.

2) N50,000 non-interest loans to be given out

The scheme seeks to empower market traders with a non-interest loan of N50,000.

The loans are non-interest. This is expected to introduce a fair system of social justice and equality while fulfilling the financial needs of the masses.

3) All senatorial zones will be selected

Nigeria has 109 Senatorial Districts. To this end, the ministry of humanitarian affairs and poverty alleviation said it would not give out the loans by state.

Consequently, for the Iyaloja Monie scheme, 109 markets will be selected across all senatorial zones in the country.

It is believed that when the N-Power scheme is restarted, it will follow the same pattern.

4) To be flagged off November 2023

The Iyaloja Monie scheme is scheduled to be flagged off in November 2023.

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FG announces plan to share N75bn loan

Earlier, Legit.ng reported that President Tinubu-led government will advance a non-interest loan of N50,000 each to 1.5 million market women under the GEEP.

Minister Edu who disclosed this said the initiative will help women improve their capital.

Iyaloja Monie scheme: TraderMoni-esque structure

Legit.ng also reported that the Nigerian government revealed that it would re-introduce the 'Tradermoni' scheme in November 2023 — earmarking N50,000 for each beneficiary to support their businesses.

This development was confirmed by minister Edu, who was a guest on Channels TV's programme, 'Sunday Politics'.

The poverty alleviation scheme which started in 2018 has been off the radar for a while, but Edu confirmed its re-introduction.

Source: Legit.ng

Ridwan Adeola avatar

Ridwan Adeola (Current Affairs Editor) Ridwan Adeola Yusuf is a Current Affairs Editor at Legit.ng and a certified journalist with over 9 years of experience. He edited Politics Nigeria's articles, was the Acting Editor of AllNews Nigeria and Fact-Checking Researcher (Africa Check). He received his HND in Mass Communication from The Polytechnic Ibadan. He received a Certificate of Achievement (Journalism Clinic’s Fix The Leak masterclass, 2021) and also completed Google News Initiative's Advance digital reporting curriculum. Contact him at ridwan.adeola@corp.legit.ng.

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