Trader-Moni: Remodeled Scheme Commences Nov, '23 With N50,000 Per Trader

By Missang Akpet

The Remodelled trader -monie loan scheme started by the President Muhammadu Buhari administration in 2018 is billed to restart November 2023, The Minister for Humanitarian Affairs and Poverty Alleviation has revealed.

Information from the Ministry revealed that the interest-free loan scheme for traders which was started in 2018 by the Buhari led administration was put on hold recently to address some weaknesses is now set to be relaunched with each beneficiary getting ₦50,000 to support their business.

 The Minister who spoke on a magazine programme in one of the National TV statations confirmed that the scheme had not been scrapped but was put on hold for assessment and remodelling.

 “Now, for the first set, which we are starting in November,  we are selecting one big market per senatorial district which means 109 markets will be captured across the country. "Unlike the ₦10,000 given to traders in the earlier phases, there is more money for the beneficiaries now and each beneficiary will be getting ₦50,000 to support their businesses,” she said.

 “We are not interested in party, social or personal interest, we capture them in the market and then after doing so, we create a bank account just as they are being captured, and the monies are sent directly from the CBN account to their account,” the minister added.