Vice-President Yemi Osinbajo on Thursday told beneficiaries of the Trader Moni loan scheme in Gbagi Market, Ibadan that more funds would be committed to the scheme as soon as the traders began to pay back.
The Vice-President was in the market to assess how the loan was being executed and to ensure that all registered traders got the money. Twenty-seven thousand petty traders and artisans benefited from the scheme in Oyo State.
The collateral-free loan, which was dispensed through the Bank of Industry, is part of the Federal Government’s National Social Investment Programme under the Government Enterprise and Empowerment Programme meant to reinforce the Federal Government’s commitment to bridge the credit gap and empower Nigerians at the grassroots.
It targets 30,000 petty traders and artisans in Oyo State, with each of the beneficiaries entitled to N10,000.
“The policy of the Federal Government is to support businesses through the scheme, not just big businesses but particularly small, medium-sized and micro businesses. I came personally to the market to ensure that those who are meant to collect the money are getting it. I want to know how the scheme is going on in Gbagi Market,” Osinbajo said.
The VP said the Federal Government recognised the genuine contribution of petty traders to aid the nation’s economy, stressing that the loan was a progressive one, which would not only help traders to expand their businesses, but also change their standards of living.
He stated that more of such loans would be made available as soon as the beneficiaries began to pay back.
According to the scheme, beneficiaries have six months to repay the loan with flexible options of N85 daily or N430 weekly.
The Executive Director, Bank of Industry, Toyin Adeniji, said everyone that registered for the loan would get the money.
“For now, we have 27,000 beneficiaries but the target is 30,000 in the state. Beneficiaries who pay back as scheduled will have the opportunity to graduate to the next level of the loan. They can graduate to N15,000, N20,000 or even N50,000 levels and beyond. We implore them to use the money for the purpose for which it is intended,” she explained.
One of the beneficiaries, Oladunni Aderinto, who sells okra in the market, thanked the Federal Government for the loan, while calling on other beneficiaries to pay back as scheduled.
Another beneficiary, Toyin Adegbite, said traders needed such loans to boost their trade and cater to their immediate financial needs.