VP Osinbajo Speaks On When FG's Trader Moni Scheme Will End | Nigeria News
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VP Osinbajo Speaks On When FG’s Trader Moni Scheme Will End


Osinbajo Speaks On Trader Moni Scheme

Osinbajo Says No Plan To Stop Trader Moni

Vice President Yemi Osinbajo has urged Nigerians and the general public to ignore rumours that the federal government has pulled the plug on the Trader Moni scheme.

The Vice President said this through a statement on Wednesday by his spokesperson Mr Laolu Akande in reaction to rumours that the scheme has ended.

The statement emphasized the commitment of the federal government to sustaining the scheme, adding that more petty traders would still benefit from the scheme.

Naija News recalls prior to the 2019 general elections in the country, the Buhari led administration was accused of using the scheme as a vote buying strategy.

Reacting via a series of tweets, Akande said:

“Trader Moni, the interest/collateral free N10,000 loans for petty traders is on course. Ignore reports to the contrary. In fact since after the elections, about 30,000 new loans have been given across ten states. Also since traders have started repaying, N15,000 disbursements have also commenced to petty traders in Lagos, Borno, Ogun & Oyo States.”

“Recall that with Trader Moni once the initial N10,000 is repaid, the trader gets another N15,000, and then N20,000 up until about N100,000 loan. The Buhari administration is committed to this scheme and in the Next Level Implementation ten million Nigerian petty traders would benefit, ie a significant increase from the initially planned two million beneficiaries. And this is for all the 36 States and the FCT.”

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Oladipo is a Content Supervisor at Naija News. He has a huge flair for creative writing, loves travelling and gets thrills from learning new things.

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Last Modified: 16 July, 2019 at 9:45 am