TraderMoni, the Federal Government interest-free loan for traders, and the Conditional Cash Transfer (CCT) to persons living below $1.95 a day are set to be reintroduced next month.
The scheme, which started in 2018, is an initiative of the the Federal Government under the Government Enterprise Empowerment Programme (GEEP).
Unlike the situation before its suspension in 2020, when traders got a maximum of N10000,
beneficiaries under the new arrangement would be entitled to up to N50,000 to support their business.
Betta Edu, the Humanitarian Affairs and Poverty Alleviation Minister, who disclosed this in a television interview yesterday, explained that the first batch of beneficiaries would come from a major market in each of the 109 senatorial districts in the country.
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The minister said: “Now, for the first set, which we are starting in November, we are selecting one big market per senatorial district. That is 109 markets and we are going into the markets to capture traders in their shops.
“Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries. It’s N50,000 to support their businesses.
“We are not interested in party lines, or any social or personal interest. We will capture them in the markets and then after doing so, we will create bank accounts for them where the monies would be sent directly from the CBN account.”
She also explained that those who repay according to schedule were most likely qualify for another loan.
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Edu restated that the CCT was in line with President Bola Tinubu’s October 1 promise to ensure that 15 million households enjoyed the largesse.
“With the approval from the President which we hope to get this week, on the 17th of October, we will be officially launching the conditional cash transfer to 15 million households in Nigeria,” she said.
“Currently, we are having a verification, every state can bear us witness that we have put boots on the ground, persons are working with the state cash transfer office as well as the governors who are the heads of the steering committees in their respective states.”
