The Federal Government is set to restart the TraderMoni scheme in November, providing each beneficiary with N50,000 to support their businesses. This interest-free loan scheme for traders, initially launched in 2018, has been temporarily on hold. However, Mrs. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has confirmed that the government intends to relaunch it, dispelling rumors of its cancellation.
Mrs. Edu emphasized that the scheme is not politically motivated and is focused on supporting traders across the country. She explained, “Now, for the first set, which we are commencing in November, we are selecting one major market per senatorial district, totaling 109 markets. Our teams will visit these markets to identify and enroll eligible traders directly in their shops.”
Compared to the previous disbursement of N10,000, beneficiaries will now receive N50,000 to bolster their businesses. Mrs. Edu clarified the process, stating, “We are not interested in party affiliations or personal interests. As we enroll traders, we will simultaneously create bank accounts for them, and the funds will be transferred directly from the Central Bank of Nigeria’s account.”
Furthermore, this loan is interest-free, and those who repay it promptly will qualify for additional loans. Mrs. Edu firmly dismissed any suggestions that the program serves as a political tool, asserting that the focus is on governance and improving the lives of Nigerians. She remarked, “We don’t have elections at the moment. We are concentrating on governing and providing support. This is the commitment of President Bola Ahmed Tinubu.”
Additionally, Mrs. Edu revealed that the conditional cash transfer policy will return later in the month. Pending approval from the President, the program is scheduled to officially launch on the 17th of October, benefitting 15 million households in Nigeria. The government is also actively refining the social register for enhanced effectiveness in implementing this policy.
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