The Federal Government is set to relaunch the Tradermoni scheme in November, with each beneficiary receiving N50,000 to support their business, as confirmed by the Minister of Humanitarian Affairs, Dr. Betta Edu in a chat on Channels Television Sunday Politics.
- She emphasized, “Now, for the first set, which we are commencing in November, we are selecting one prominent market per senatorial district, totalling 109 markets. We will actively engage traders within their shops in these markets.”
Amount to be paid
In contrast to the previous phases where traders received N10,000, the beneficiaries will now receive a larger sum.
- The Minister stated, “It’s a substantial N50,000 to bolster their businesses.” She went on to clarify the process, saying, “We are not influenced by party affiliations or personal interests. We enrol them in the market, simultaneously creating a bank account for them during the enrolment, and the funds are directly transferred from the CBN account.”
The Minister also highlighted that this is a one-time interest-free loan, with those who repay it being eligible for another loan in the future.
Program not politically motivated
Dismissing claims that the program is politically motivated, the Minister emphasized that elections have concluded, and the current government is dedicated to improving the lives of Nigerians.
- She stated, “Well, we don’t have elections right now. As we initiate the Renewed Hope GEEP program, we are focused on governance, not politics. This is the essence of President Bola Ahmed Tinubu’s leadership.”
Conditional cash transfer to begin this month
Furthermore, she mentioned the government’s plan to reinstate the conditional cash transfer policy later in the month.
- She said, “With the expected approval from the President, which we anticipate receiving this week, on the 17th of October, we will officially launch the conditional cash transfer program to benefit 15 million households in Nigeria,” she added, emphasizing the government’s efforts to streamline the social register for improved efficiency.
