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Tag: Trader moni

  • Trader Moni to reach 10m petty traders

    The presidency has said Trader Moni, a scheme to provide small funds for petty traders in Nigeria, is still on, and would reach 10 million petty traders in the country.

    Senior Special Assistant to Vice-President Yemi Osinbajo, Laolu Akande, in a statement, said the government has continued to give the loans since the All Progressives Congress (APC) won the elections.

    The presidency and the APC have been accused of buying votes under the guise of Trader Moni, and since winning the election, the scheme had been suspended.

    But Akande said this is not the case, stating that 30,000 new traders have benefitted from the funds since the conclusion of the election.

    He 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.

    planned two million beneficiaries. And this is for all the 36 States and the FCT.”

    The vice-president, who took the scheme to major markets across the nation before the elections, has since stopped the nationwide travel since the conclusion of the elections.

    Trader Moni is an Empowerment Scheme of the Federal Government created specifically for petty traders and artisans across Nigeria

  • Breaking: Hoodlums abduct Ogun market leaders, disrupt ‘TraderMoni’ distribution

    Scores of hoodlums swooped on the seedy Lafenwa market on Tuesday afternoon and disrupted the distribution of the Federal Government’s Enterprise and Empowerment Programme (GEEP) popularly called ‘TraderMoni,’ forcing distributors and beneficiaries to flee in different directions for safety.

    They whisked away the Iyaloja and Babaloja of Lafenwa market to an unknown location.

    The hoodlums, numbering over 50, The Nation gathered, were not deterred by the fact that the Lafenwa Divisional Police Headquarters situates directly beside the market but proceeded to attack the handlers of the GEEP ‘TraderMoni’ who had arrived the market to document and verify the traders’ data with any valid means of identification such as Permanent Voter Card(PVC).

    Many of the prospective beneficiaries, who were yet to get their bio-data captured before the hoodlums struck and disrupted the exercise, alleged a key member of the Abeokuta North West Local Council Development Area (LCDA) led the hoodlums to the venue and sacked everybody before abducting the Babaloja and Iyaloja.

    However, The Nation learnt the Iyaloja of Lafenwa market regained freedom hours later and returned to the market.

    However, the Chairman of Abeokuta North West LCDA, Monsuru Shorunke when contacted, told reporters that he was the one that led some “boys” to Lafenwa when they heard that some politicians “were giving the traders money in exchange with their PVCs.”

    He said: “We heard that some people came to Lafenwa market, collecting people’s PVCs from the traders with their names and PVCs numbers.

    “And governor said we should go out and find out: it was Governor Amosun that sent us.

    “I was in front of the governor when we heard the information. So, I collected Iyaloja’s phone number from Hon. Akintona. We took Iyaloja to the governor’s house along with Babaloja of Lafenwa.

    “We believe it was wrong for them to come and collect people’s PVCs with numbers before Election Day. That was what they came to do at Lafenwa.

    “My message is that we should be vigilant. Not only the electorates but all the politicians in Ogun state. We must be vigilante.

    “These people are ready to confuse our programme by giving them money.

    They want to give them money because of the coming election and it is wrong. No, that is wrong because, that information is not right.“

  • Osinbajo launches school feeding programme in Edo

    …as FG feeds 9.3 million children

     

    Vice President of Nigeria, Prof. Yemi Osinbajo, has launched the National Home-Grown School Feeding Programme (NHGSFP) in Edo State, to provide free meals for children in public schools in the state.

    During the launch of the programme at Eyaen Primary School in Uhunmwode Local Government Area of the state, Osinbajo said the NHGSFP feeds 9.3 million children in 49,937 public primary schools in 27 states, including Edo State.

    Earlier, Edo State Governor, Mr. Godwin Obaseki, who received Prof. Osinbajo at Western Boys High School in Benin City, thanked the Vice President for the visit, and commended him for the Social Investment Programme, which has added value to the lives of Nigerians.

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    In his speech, Osinbajo noted that the programme employs 94,422 cooks while over 100,000 small-holder farmers are linked to the programme.

    The Vice President said in feeding the children across the country, 594 cows are slaughtered, 138,000 chickens killed, and 83 million tonnes of fish used in preparing the meals.

    He said the NHGSFP is part of the Federal Government’s Social Investment Programme which is one of the largest safety net programmes in Nigeria.

    According to him, “N-Power employs over 500,000 graduates and 200,000 non-graduates across the nation. Two million people benefit from our Micro Credit Scheme which includes Trader-moni and Market-moni. This will be expanded to the next level to enable more Nigerians benefit from it.  We will be able to reach five to 10 million Nigerians.”

    The Vice President said the President Muhammadu Buhari-led administration has been able to achieve these because it has fought corruption to secure the country’s resources and develop the nation.

    Speaking on the impact of the Social Investment Programme, Obaseki said the programme has provided an opportunity for vulnerable families to feed and send their children to school.

    He explained that the NHGSFP would be linked to the Edo Basic Education Sector Transformation programme to bring out the best in school children, and thanked President Muhammadu Buhari and Prof Yemi Osinbajo for the initiative to feed children in schools.

    “This is a new dawn in Edo State that is ensuring that our children in schools across the state are not malnourished,” he added.

    The focal person of N-Power in Edo State, Ms. Osayuwamen Aladeshelu, said the NHGSFP has benefited thousands of Nigerians, who now include people in Edo State.

    “The programme is targeted at making children healthy. We are starting from Uhunmwode and Orhionmwon local government areas before spreading to other areas in the state.”

  • Unity Bank, Jigawa partner on ‘Trader ‘Moni’

    The Federal Government has flagged off social welfare initiatives code-named ‘Trader Moni’ in partnership with Jigawa State government and Unity Bank Plc with the initial sum of N300 million.

    With a total of N1.5bn earmarked for the initiative, the scheme is meant to accelerate an on-lending through Unity Bank to about 35,000 Jigawa petty traders

    Vice President Yemi Osinbajo who was in Jigawa for the launch of “Market Moni” presented the Unity Bank Cheque through the Chairman, Jigawa State Chamber of Commerce Mines and Agriculture (JICCIMA), Alhaji Shehu Muhammad Sunusi.

    According to the Regional Manager, Unity Bank Plc, in Jigawa State, Mustapha Baba, the Bank is in good stead to facilitate the massive on-lending scheme to the benefit of Jigawa petty traders, not only as it has continued to identify with the genuine aspirations of the government and people of state, but also to support the bank’s pursuit of financial inclusion which has dominated its business objective for some time.

    Baba explained that arrangements have been made for the bank to begin direct disbursements to selected beneficiaries/small businesses in the state as intervention fund on behalf of the State Government/JICCIMA.

    Osinbajo also used the opportunity to launch the Jigawa State Chamber of Commerce Mines and Agriculture Business Support Loan.

  • We’re not in business of deceiving Nigerians – Osinbajo

    Vice President Yemi Osinbajo on Monday said that the President Muhammadu Buhari’s administration is not in the business of deceiving Nigerians.
    He spoke as a guest on Brekete Family Programme, Human Rights Radio, that airs on FM 101.1MHz, where he  interacted with the Anchor, Ahmad Isah, aka ‘Ordinary President’.
    Brekete Family Programme is a reality radio programme that that prides itself as the voice of the voiceless.
    The Vice President also said that the administration was for the common man with the focus to take Nigerians out of poverty.
    According to him, government programmes and projects were geared towards achieving that objective.
    Responding to Ahmed Isah, who asked what the Buhari’s administration had for the common man that voted them to power, Osinbajo said, ”We are not in the business of deceiving Nigerians, whatever the President, and I say is the truth.”
    He also described himself as “ordinary Vice President” and explained that the administration’s National Social Investment Programmes was geared towards improving the welfare of ordinary Nigerians.
    He said, “The President’s focus has always been on the common man. This government is government of the masses. Our concentration is how things will be better for the masses. So, when we came, we decided on a few things to tackle youth unemployment.
    “First, the N-Power programme to engage as many young people who are graduates as possible. We have employed 500,000 so far. Many are teachers, health workers and project assistants in farms.
    “The major thing is for us is how to employ more than 500,000. There is also N-Built where we have trained 25,000 who want to be technicians, mechanics etc.” he said
    Osinbajo also talked about the Trader Moni where petty traders get a loan of N10,000 with six months grace period to pay back, stressing that the target was to reach two million petty traders with such loans.
    He said once a trader paid back the loan, he or she would be entitled to another N15,000 loan and it would continue like that until one was qualified for a loan of N350,000.
    He said at the inception of the administration in 2015, they met 23 states owing salaries and despite the fact that oil prices were above $100 per barrel, states were owing salaries.
    He said the states were bailed out three times to enable them pay salaries and pension.
    Osinbajo, again narrated how Buhari’s administration unlike the previous government that had a lot of resources as a result of oil price of over $100 per barrel, had to battle with little resources occasioned by oil price of between $28 and $35, disruptions by Niger Delta militants boosting pipes and forcing oil production to drop from 2.1 million to less than one million per barrel.
    He noted that President Buhari stopped the looting of the treasury which was common under previous administration, adding that once corruption was stopped, the federal government would be able to provide infrastructure which includes power, railroads and among others.
    But Ahmed Isah told Osinbajo that Buhari’s government was perceived not to be friendly with the common man.
    He presented the case of a widow whose merchandise was unnecessarily confiscated by Customs officers after taking N200,000 bribe from her.
    He narrated how some Customs officers were in the habit of illegally confiscating citizens vehicles and goods hiding under duty fees.
    The presenter said that by conduct, the Nigeria Customs Service (NCS) portrays itself as the most corrupt agency in Nigeria and beyond.
    Responding to complaint, Osinbajo promised to step into the case involving the Customs and the widow.
    He said, “I will look into this Customs matter. We must resolve it. We will make sure those people mentioned will be held to account.”
    The presenter also reported to Osinbajo that Nigeria Bulk Electricity Trading Company was over billing customers and was one of the institutions giving the government a bad name.
    He said documents which took him six months to gather proved the corrupt practices going on in the company.
    He said the money that has been stolen from the company which has 47 staff since inception was more than 11 states budget combined.
    Isah while challenging the Vice President to investigate the allegations, said he was ready to go to prison if his climes are proven to be lies
    Osinbajo also responded to the complaints about the school feeding programme in some parts of Ogun state by a caller from abroad, Osinbajo promised to look into the complaints and revealed that 9.2 million children enjoy the benefits in school feeding programme daily.
    He also said all the produce is from local farmers with at least 6.8m eggs used daily to improve the economy.
    He also promised to appoint two aides from his office as liaison officers to the programme to gather first hand complains that will enable the government intervened.

  • Trader moni

    •Good one for financial inclusiveness. But government must guard against possible abuse

    BETWEEN now and December, an estimated two million petty traders may access N10, 000 collateral-free loans. Should they repay the loans within a six-month period, they stand the chance to access even higher loans, ranging from N15, 000 to N50, 000, to boost their petty trades. The loans are meant to grow these trades, even at their rudimentary levels.

    Dubbed “Trader Moni”, it is the latest strain of the Federal Government’s Enterprise and Empowerment Programme (GEEP), targeted at the economically most vulnerable, to combat mass poverty. Trader Moni was launched on August 14, in five markets in Lagos.

    By a release signed by Laolu Akande, chief spokesperson to Acting President Yemi Osinbajo, Trader Moni would grant a minimum of 30, 000 loans in each of the 36 states and the Federal Capital Territory (FCT) of Abuja. Also, according to him, the scheme has taken off in Lagos, Kano and Abia states. Every state would have 30, 000 beneficiaries. However, Lagos and Kano, being the most populous of the 36 states, are each likely to get more than 30, 000 beneficiaries.

    If well implemented, with zero tolerance for abuse and corruption, Trader Moni stands becoming the most radical pro-poor financial infrastructure, aimed at tackling mass poverty, by boosting all cadres of enterprise.

    With a Nigerian population of around 186 million, giving soft loans to only two million could appear rather puny. Yet, it is doubtful if ever before the poverty question had been this systematically approached, targeted at expanding existing enterprises, no matter how small the scale.

    Yes, there had been pro-poor efforts before — what past governments called poverty alleviation programmes (PAP). That swirled mainly around pooling funds to buy bikes and tricycles; and give these machines to citizens to operate, more or less on wet lease basis, after depositing a percentage deposit. Though these past schemes somewhat served their purposes — of alleviating poverty — they were most times driven by party patronage. That often led to abuses, and huge corruption; since many times, those who needed the help were not those that got it.

    It is rather exciting that Trader Moni goes directly to enumerated traders, and the loan is administered by the Bank of Industry (BOI). That means, other things being equal, you don’t need to have any political affiliation before accessing the loan.

    It is also reassuring that in the pilot states of Lagos, Kano and Abia, BOI officials had already enumerated no less than 500, 000 traders; and schemed for the loan. That the group of traders belong to some trader cooperatives, is additional pillar to ensure the loans revolve, even as some cadre of traders become eligible for higher loans, after paying off current ones.

    Perhaps another long-term advantage of Trader Moni would be gradually drawing the huge but mainly informal petty trading sub-sector, into the formal banking system. Eventually, that could help to expand the tax base, and increase government revenue that accrues from tax. Tax-driven revenue always boosts citizens’ say in how the polity is run. That can only deepen Nigeria’s democracy.

    Still, as promising as Trader Moni looks, abuse and corruption would send it crashing down, thus becoming another forlorn hope. That should be avoided at all cost. The good thing though is that, should there be any abuse, those traders now singing its praise would be the first to nail it with equal vehemence.

    That is why the Federal Government, and BOI, the implementing agency, have the bounden duty to ensure this scheme is not only run with fiscal discipline and integrity, but is also institutionalised and made bigger.

    At full steam, Trader Moni could serve as both a systemic and systematic weapon to lift, from poverty, millions of honest and hardworking Nigerian traders; making them to thrive, regardless of the modest scale of their enterprises.