Tag: TraderMoni.

  • Fed Govt lauded on TraderMoni

    TraderMoni has been lauded for its impact on the citizens, especially, the poor people in both the rural and urban areas.

    The TraderMoni initiative is a key element in the President Muhammadu Buhari-led administration’s Social Investment Programmes. Its predecessors are MarketMoni and FarmerMoni. They fall under Government Enterprise and Empowerment Programme (GEEP) under the Office of Vice President, Prof Yemi Osinbajo, according to a statement.

    Speaking at the inaugural TraderMoni town hall meeting in Taurani Market, GEEP Chief Operating Officer, Uzoma Nwagba,  said the town hall meetings would provide an avenue for the beneficiaries to engage directly with the different stakeholders such as officials from the implementation partner, Bank of Industry (BoI); financial institutions and partner organisations from the private sector.

    Read Also: TraderMoni loans not for election, says Presidency

    According to him, beneficiaries will also benefit from business advisory services to guide them in the utilisation of the funds for their businesses.

    He said the process of receiving cash out of the TraderMoni loans have been simplified and more transparent through the printing of lists of approved applicants which is vetted by the market leaders.

    Also speaking, the Senior Special Assistant to the President on Social Investment Programmes, Barr Ahmed Isma’eel said the market leaders have been empowered to take ownership of the programme and ensure that the process runs smoothly.

  • Be careful, I don’t want you mobbed over TraderMoni, Buhari warns Osinbajo

    President Muhammadu Buhari has expressed fears for the safety of his Vice, Prof. Yemi Osinbajo.

    Buhari warned Osinbajo on the needs to be careful for his safety in the way he implement the TraderMoni, one of his administration Social Intervention Programmes (SIP).

    The trader money programme is being implemented under the Vice President‘s office.

    The President said he does not want Osinbajo to be mobbed in the process of giving out money to the traders.

    Only last week the Vice President unveiled the second phase of TraderMoni and MarketMoni in Awka and Onitsha in Anambra State.

    Beneficiaries receive funds ranging from N10, 000 for the TraderMoni and N50, 000 for the MarketMoni from the Bank of Industry (BoI) implementing the fund.

    Buhari spoke Monday night when he hosted Osinbajo, members of the Federal Executive Council, Security Chiefs and Chief Executives of Federal Government Agencies to a breaking of fast at the Presidential Villa.

    He warned Osinbajo to be careful with the way he moves from one market to the other.

    “This `market money’ I warned the Vice-President I don’t like him to be mobbed, especially the way I see hefty women coming and confronting him, he should be very careful.

    “These are very good initiatives. Initially, I was quite reluctant but I must admit that they are very good programmes and they endear this government to a lot of poor people because of these N5,000 or N10,000 being given to them as loans.

    “They are fantastic programmes and I have to admit quite honestly that the vice president was ahead of me by insisting on them.

    “But he knows me if he insists I will say `okay go and do what you like.’ He did it and I’m very pleased as he is being very successful,” he said.

    Buhari also frowned at the inability of the elites to address the welfare and educational needs of the less-privileged in the country.

    Read Also: Buhari ‘s priority is the common man, says Osinbajo

    “When I drive around the country what upset me very much is the status of our poor people in this country. You see young people, the so-called Almajiris with tore dresses, with plastic bowl. They are looking basically for what to eat.

    “The question of education (to them) is a luxury. I think Nigerian elite we are all failing because I think we should have a programme that will at least guarantee some basic education for our people no matter how poor they are.

    “So, I welcome the Vice-President initiate of the School feeding programme.

    ‘’If you check in your localities the enrolment into schools improved because a lot of children can get at least one good meal a day. This is the position of this country.

    “But, culturally some of us are quiet merciless, we don’t care about what happen to others we just keep on moving forward,” he said.

    Speaking on behalf of the cabinet members, Osinbajo thanked the President for inviting Muslims and Christians to the breaking of fast with him.

    “Mr. President I must say that there are some reasons I had always look forward to the Ramadan session. But some of those reasons are now being seriously challenged.

    “The first of those reasons is that during the Ramadan meetings are usually very short. But, unfortunately last Wednesday Mr. President seemed to have destroyed that very good notion by taking us through the longest FEC meeting in the history of the Federal Executive Council.

    “So, we shouldn’t expect anymore that meeting will necessary be short during the Ramadan.

    “The second is that some of my friends are far less troublesome during the Ramadan. People like Lai Mohammed, Abba Kyari, Adamu Adamu, they are usually very well behaved during the Ramadan. But I’m not even sure that that is true anymore.

    “So, I think that all we can truly expect now from the session is possibility what it was meant to do which is to remind us of some of our responsibilities to ourselves as brothers and to our fellow men/women especially our roles as leaders.

    “I think is auspicious that this particular Ramadan falls at the eve of the new term in office.

    “So, it is an opportunity for us to remind ourselves over the core mandates which is the welfare and security of majority of our people,” he said.

  • Over 20,000 benefit from TraderMoni in Anambra – Osinbajo

    Vice President Yemi Osinbajo on Friday, said over 20,000 traders have so far benefited from the TraderMoni and MarketMoni scheme in Anambra State. Osinbajo made the disclosure at the palace of the traditional ruler of Onitsha, Igwe Alfred Achebe, during his visit to the state to promote the TraderMoni and MarketMoni at EkeAwka Market in Awka and Ochanja Market in Onitsha. He noted that the scheme had practically gone round the country, with some receiving the MarketMoni. He explained that it was a Federal Government project where micro credits were provided to the lowest in the rank of the trading value chain.

    He said, “Many of them are not given such facility or loan because nobody is sure that they will pay back or not. “Only the government can guarantee that kind of facility and it is the Bank of Industry (BOI) that actually administers the loan.” The VP also expressed satisfaction with the implementation of the Federal Government’s HomeGrown-School-Feeding programme in the state. “As a matter of fact, we visited a lady in Awka, one of the cooks, who happened to be best cook of the programme in the community,” he added.

    He commended Achebe for his leadership style not just as the chairman of the South-East Traditional Rulers Council, but also an individual, whose statements were conciliatory rather than divide the country. He reaffirmed Federal Government commitment to ensure that the country remains united and that all citizens, regardless of ethnicity, religion or political affiliation regard themselves as one. While inspecting the Second Niger Bridge, The Vice President again reassured the Federal Government’s commitment to completing the project and the access roads. He said the government insisted on completing the project in view of its economic benefit to the zone and the entire country.

  • GEEP, TraderMoni earn global commendation

    The Government Enterprise and Empowerment Programme (GEEP), the microcredit scheme of the federal government has earned international wide acclaimed for driving financial inclusion in the country.

    GEEP, a microcredit initiative of the federal government which commenced in 2016, includes MarketMoni, FarmerMoni, and the TraderMoni has impacted over two million Nigerians at the bottom of the pyramid accessing credit in three years and being brought into financial services of bank account and mobile wallets, there is consensus on the scale of impact the initiative wields. GEEP is today the largest public microcredit scheme in the world. 54.2% of its beneficiaries are women.

    At last session of 62nd United Nations Commission in New York, GEEP was commended for pushing the envelope in technological innovations for successful last-mile delivery of credit at massive scale. This was in recognition of the programme’spioneering roles in building a completely digitised loan operation, positioning of Bank Verification (BVN) as digital collateral to aid financial inclusion, use of facial recognition for de-deduplication, GPS-based mapping and profile of candidates to markets, andexhaustive data capture to truly formalise the informal sector.

    In a related development, the programme’s Chief Operating Officer, Uzoma Nwagba emerged among 22 other emerging African leaders picked across the continent, as a recipient of 2019 Archbishop Desmond Tutu Leadership Fellowship. The Desmond Tutu Fellowship is set up by AFLI and Oxford to identify and cultivate young African leaders whose work has achieved “far reaching impact on the continent.”

    Selection into the lifelong Fellowship is an attestation of Uzoma’s role in delivering one of the world’s most impactful tech-based SME intervention programs, and the world’s largest public microcredit scheme. From the AFLI release, Nwagba is Harvard MBA who, prior to GEEP, worked as an Analyst at Goldman Sachs, Product Manager at Microsoft, and Senior Associate at African Capital Alliance. He is passionate about running public institutions like ethical businesses.

    On the home scene, beneficiaries affirm the efforts and contributions of GEEP to economic empowerment and growth with the effective deployment of MarketMoni, FarmerMoni and TraderMoni credit initiatives.

    According to Mrs Sherifat Salau, a N50, 000 MarketMoni beneficiary fromKwara who received her loan in 2016, “Before receiving GEEP MarketMoni, if I request for a N100, 000 loan, I will have to deposit N7, 500 before the loan is released. Aside from the high deposit, the interest on the N100, 000 would be almost N22, 000. By the time I am done paying back the loan, my goods would have reduced drastically and it stops me from growing the business. The loan has been of help in growing my business. With this loan, I have peace.”

    GEEP, a financial inclusion scheme driven by technology has registered over 7million micro-enterprises in less than three years – and is on a mission to deliver access to finance and financial inclusion at Nigeria’s base of the pyramid.

     

  • TraderMoni loans not for election purpose, Presidency insists

    The Presidency on Thursday said that the TraderMoni scheme and other GEEP micro-credit products (MarketMoni and FarmerMoni), which are components of the Buhari administration’s Social Investment Programme, are still very much in operation.

    A statement by Mr Laolu Akande, the Senior Special Assistant on Media & Publicity to the President (Office of the Vice President), said that the loans are not for the purpose of election.

    According to a progress report on the GEEP micro-credit products (TraderMoni, MarketMoni, and FarmerMoni), he disclosed that over 30,000 beneficiaries per state have been captured under the programme.

    He said “So far, a target of 30,000 minimum beneficiaries per state has been achieved in majority of the 36 states and FCT since after the national and state polls.”

    “What the implementing agency has been doing since the last phase of disbursements is generating the balance of program funding while ramping up on the states with shortages.”

    “Consequently, disbursements have continued to happen in the states; for instance, we have had over 28,000 disbursements across 10 states since after the elections. Our priority is ramping up these numbers in the balance of states before we move to phase two of the program after detailed reviews and structural enhancements for larger scale. Under the Next Level agenda, Trader Moni loans will target ten million petty traders, a significant ramp up from the initial target of two million beneficiaries.”

    On the role of the Ministry for Industry, Trade and Investment in the implementation of the scheme, he said, “it is actively involved in the project.”

    Mr Akande said, “that ministry is, in fact the oversighting Ministry of Bank of Industry, which is the deploying agency. The office of the Minister executes the GEEP program via the Bank of Industry.

    “The governance structure of GEEP includes the office of the Vice President (National Social Investment Office), The Ministry of Trade and Investment, and the Bank of Industry.”

    Speaking on measures adopted to enhance repayments, the Presidential Media Aide said GEEP has pioneered innovative solutions to drive repayment compliance.

    “Working with the Central Bank of Nigeria (CBN), and the Nigerian Interbank Settlement System (NIBSS), we successfully piloted the concept of the BVN as digital collateral; and we saw repayment go up significantly on the MarketMoni and FarmerMoni loans.

    “For TraderMoni, beneficiaries can pay back at any commercial bank in the country just like a NEPA or WAEC bill; all they need to provide the bank teller with is their phone number. We also developed and successfully piloted scratch cards as a repayment option for beneficiaries who stay kilometres away from the nearest banks in their community. The cards are loaded the same way Telco recharge cards are loaded, thus requiring no new learning curve.

    “This improved repayment received compliance to the extent that in January, the Bank of Industry began second level disbursements – disbursements of N15,000 – to beneficiaries in Lagos, Borno, Ogun and Oyo states for trader who had successfully paid back their first N10,000 loans,” Mr Akande disclosed.

    According to him, “GEEP’s vision (in the long term) remains to empower the over 30 million MSMEs in Nigeria with interest-free, collateral-free loans.”

    The GEEP programme, a component of the Buhari administration’s Social Investment Programme (SIP) has since inception about two years ago, impacted many lives, improved living conditions and expanded opportunities for ordinary Nigerians to do petty trading as well as small and medium scale businesses.

    Under the Trader Moni scheme, an initial N10,000 loan is given to petty traders and once they repay within six months, they can receive a new N15,000 loan and when they repay that they can get another N20,000 loan until they get as much as N100,000

  • Hoodlums disrupt distribution of Fed Govt’s TraderMoni in Ogun

    Scores of hoodlums yesterday disrupted the distribution of Federal Government’s Enterprise and Empowerment Programme (GEEP), called TraderMoni, at Lafenwa Market in Abeokuta, the Ogun State capital.

    They forced the distributors and beneficiaries to flee in different directions for safety.

    But the market leaders – the Iyaloja and Babaloja of the market – were not quick and lucky with their feet.

    The hoodlums seized and whisked them to an unknown location.

    The Nation gathered that the hoodlums were over 50.

    They reportedly showed no sign of fearing the intervention of Lafenwa Divisional Police Headquarters directly beside the market.

    The hoodlums attacked the handlers of the TraderMoni who were in the market to document and verify the traders’ data, including the Permanent Voter’s Card (PVC).

    Many of the prospective beneficiaries (traders), whose bio-data had not been captured before the hoodlums struck and disrupted the exercise, alleged that 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.

    The Nation learnt that the Iyaloja Lafenwa regained freedom hours later and returned to the market.

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

    He added: “We heard that some people came to Lafenwa Market, collected people’s PVCs from the traders with their names and PVC numbers.

    “And governor (Ibikunle Amosun) 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 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 electorate but all politicians in Ogun State. We must be vigilant.

    “These people are ready to confuse our programme by giving them money. They want to give them money because of the forthcoming elections, and it is wrong.

    “No, that is wrong because that information is not right.”

     

  • Osoba lashes out at TraderMoni critics

    Former Ogun State governor,Chief Olusegun Osoba yesterday hit out at critics of    TraderMoni which is being given out by the federal government to petty traders to aid their means of livelihood .

    He said it was wrong of anyone to equate the revolving loan  with bribe for vote.

    Some chieftains of the Peoples Democratic Party (PDP) and former President Olusegun Obasanjo had branded the loan a bribe by the  Buhari Administration  to win reelection.

    But responding to the allegation at the launch of a book “Nigeria on Firmer Ground, Towards Lasting Peace & Progress,” in Abuja ,Osoba said  such criticism was  nothing but foolery.

    The book is the brainchild of the President’s Media Team.

    Osoba who was the reviewer of the book said the  government made it clear before its implementation across the country  that the fund was approved by the National Assembly.

    He said God “gave us Buhari to restore the years that corruption has eaten deep into our fabrics.’

    Quoting the President’s Chief of Staff,Mallam Abba Kyari in one of the sections of the book,Osoba said: “funds that were meant to support our soldiers were diverted; contractors, godfathers and politicians helped themselves to millions and as a result many of those on the frontline and those they were supposed to protect were killed.

    “These were all the problems inherited by this administration by those who are seeking to return to power, God forbid

    “In the boom years, from 2000 to 2015, almost nothing was saved and almost nothing was invested.

    “So, when the oil price crashed in 2016, we had no spare capacity to boost production and check the shock.

    “It is my strong belief that God gave us Buhari, a man of towering integrity to restore the years that locust of corruption has eaten deep into our fabrics. May we never go back to those years.”

    The people of the  Southwest,he said, “are always with you because your philosophy is same with our political father,  Awolowo whose philosophy is welfarism   and egalitarianism. We will massively support you in Ogun State and Yoruba land in general.”

    He said the current  Ogun State Governor  Ibikunle Amosun was conspiring with some people to  frustrate Buhari’s reelection.

    Also speaking,All Progressives Congress (APC) national leader, Asiwaju Bola Tinubu, said that unlike other past leaders who focused on their friends at the expense of the people, President Buhari is working  for the masses.

    Represented by a former commissioner in Lagos State,Mr.Dele Alake, Tinubu said:” People have murmured  that his (Buhari’s) inaugural address statement that “I belong to everybody and belong to nobody” was aimed at me.

    “Well, I find that strange indeed as those words were what I wanted him to say and wanted him to be.

    “Unlike others whose stated policy is to enrich friends, Buhari took the nobler position that it was better to help the millions of hard working but anonymous common folk instead of maintaining the national economy in the status of a festive party for a select few.

    “True to his word, President Buhari has achieved a lot in his time in office despite our strained financial condition due to shrunken oil prices.

    “Through focused policies, the Buhari administration has set the foundation for enduring growth of a diversifying economy not unduly reliant on an increasingly unreliable foreign appetite for crude oil.

    “Let our economy stand on its own feet and not be overly beholden to motorists in New York City, London or Paris. I believe such sovereign economics are, in the long term, the soundest economics.” he said

    He added “The President has managed to return Nigeria to the path of growth. Our foreign exchange reserves have been rebuilt. Inflation has been brought under control and our balance of trade steadily improved.

    “These macroeconomic indicators point to an economy that, under the watchful eye of the President, is steadily recovering.

    “But we must also recognise that positive economic statistics mean little to ordinary Nigerians striving to put food on their tables.

    “Our party, the APC is a party of compassion and progressivism. Despite the relatively meagre revenues of this government compared to prior governments, the Buhari administration set out to do what the other governments cared not to do. That is to give direct care to the nation’s poorest and most put upon citizens.”

    The National Chairman of APC, Adams Oshiomhole  accused  Obasanjo of destroying  the Nigeria textile industry during his tenure.

    He said that he had no apology to offer those complaining that things are hard in the country, stressing that there must be pain in getting the country back on track.

    The former Senate President, Ken Nnamani, who unveiled the book, said that it is a compendium which contains the summary of the activities of the current administration.

    Stressing that the easiest thing that doesn’t require intelligence is criticism, he urged critics to get a copy of the book in order to get enlightened.

    To Buhari, he said “No Nigerian has the capacity to pull genuine crowd like you.”

    According to him, there is need to give the President another four to complete the good work he has started.

    Buhari said  his administration is ready to do more by taking Nigeria to the NEXT LEVEL of development, prosperity, peace and stability.

    He said :”Coming just a week to the commencement of the 2019 general elections, there is no doubt that today’s event is very significant as the electorate is being offered more insights into the achievements of the All Progressives Congress (APC) administration since we came to office in 2015.

    “From the accounts of all the earlier speakers and what can be gleaned from the book, supported by verifiable facts and figures on projects and programmes implemented in almost every State of the Federation, it is clear that our administration has delivered substantially on our campaign promises.

    “Riding on the wave of the CHANGE Agenda which we anchored on making positive impact in the three priority areas of security, economy and fighting corruption, I am convinced that we have made real progress and we are poised to do more by taking Nigeria to the NEXT LEVEL of development, prosperity, peace and stability.”

    He went on :”We are also poised to make life – changing progress in infrastructure, agriculture, social investments, and much more.

    “From returning the economy to sustainable growth, degrading Boko Haram terrorists, boldly confronting the monster called corruption, history will remember this Administration as one that did what it promised and charted the path for a future of which we can all be proud.

    “Going round the country in the past weeks on our campaign stops, I believe that our message emphasizing the need to stick to the winning team and not risk returning our country to irresponsible leadership, at any level of government, has resonated with the people.

    “Their stock-in-trade is the avaricious plunder of our national assets and resources, and ordinary Nigerians are quite aware of their conduct in government.

    “Our simple message to the Nigerian electorate is to give us four more years to build and consolidate on the foundations we have painstakingly laid so that we shall all reap the benefits of what we have planted in all sectors of our society.”

    He said that the ruling APC government has proved to be better manger of resources.

    “We have proved better managers of our national assets and the limited resources available to us than past administrations, and we are committed to entrenching higher levels of accountability and transparency in the years ahead.

    “As the nation prepares to give her citizens the opportunity to choose their leaders and representatives in the next few weeks, I urge all Nigerians to exercise their civic duty in an atmosphere of peace and security.”

  • Only fools call TraderMoni vote- buying, says Osoba

    A former Ogun State Governor Aremo Segun Osoba on Friday described those saying the TraderMoni programme of the Federal Government amounts to vote-buying as fools.

    Osoba spoke at the old Banquet Hall of the State House while reviewing a book “Nigeria on Firmer Ground: Towards lasting peace and progress” put together by the Presidential Media Team.

    He said calling a revolving loan given to the market women to aid their petty trading vote buying was nothing but foolery.

    According to him, the government had said before its implementation across the country the fund was approved by the National Assembly.

    READ ALSO: Abiodun will succeed Amosun, says Osoba

    He also described Ogun State Governor, Ibikunle Amosun, as a conspirator frustrating President Muhammadu Buhari’s return for second term.

    According to him, in the 2003 election, the total votes cast for the President was 1.6m while as governors they got a total of about one million.

    He said that the court described what happened in Ogun State as criminal.

    “It is not my words but that of the court,” he said

    In other serious nations, he said former President Olusegun Obasanjo should have been impeached.

    He said that the government could not account for over 600,000 votes.

    “President Buhari won in 2003. He won in 2007. They rigged it and they cannot rig again.”

    Details shortly…

  • Tradermoni fundamentally flawed, says Atiku

    Peoples Democratic Party ( PDP ) presidential candidate, Atiku Abubakar on Friday dismissed the Federal Government’s social investment programme, especially the Tradermoni scheme as fundamentally flawed.

    According to him the beneficiaries are” untrained, untraceable and funding inadequate”.

    Atuku, who was represented by his running mate Peter Obi, spoke at a two- day job creation exhibition in Asaba, Delta State.

    According to him, unemployment can only be solved by promoting micro, small and medium enterprises, urging the federal government to understudy the Delta State government’s scheme.

    His words: “The focus of every government is to create employment and you can’t solve unemployment anywhere in the world without promoting micro, small and medium enterprises.

    “So, what Governor Okowa is doing through the job creation office, training people and giving them the funding to start their businesses.

    “When you compare it with the Trader Moni initiative by the F.G, I really don’t want to compare them, but how can you give people N10, 000 without training?

    “Who do we even know that they are giving the money? How would they collect the money?

    “Here we train them and support them with funding. This is happening only in Delta.

    “Other government should come and learn from Okowa. So the Federal Government should come to Delta State and learn.”

    Read Also: Obi blasts federal government “tradermoni”

    Okowa said the economic downturn that heralded his assumption of office threatened to derail his campaign promise of prosperity for all Deltans, adding “our novel job creation scheme, geared at nurturing, supporting, supporting and promoting micro, small and medium scale enterprises is triggering off a new wave of economic growth, social inclusion and sustainable development.”

    He said 4,253 unemployed youths have become business owners across various skill areas since his administration came on board.

    Okowa listed the areas of job training to include ICT, catering, event management, beauty services, agricultural production and agricultural processing.

    He said the job creation scheme has been endorsed by the World Bank/European Union State Employment and Expenditure for Results (SEEFOR) for funding support.

  • Obasanjo’s attack on TraderMoni reflects ignorance, mischief, says VP

    VICE President Yemi Osinbajo has described as unfortunate the attack on the Federal Government’s TraderMoni  microcredit scheme by former President Olusegun Obasanjo.

    Prof Osinbajo, who reacted through a statement by his Senior Special Assistant to the President on Media & Publicity, Mr. Laolu Akande, said the former president was misinformed to have described a programme designed to lift Nigerians as “idiotic”.

    The alleged comments by the former president “smirk of outright mischief as it regurgitates blatant falsehood”.

    In the response to media inquiries regarding the former president’s comments over the weekend, Akande said: “It is either that the former leader is ignorant of the true workings of Trader Moni and the role of the Vice President in its implementation or perhaps he is on a mischievous mission.”

    According to him, the former President has demonstrated “a surprising but complete misunderstanding of the workings of TraderMoni, that is if we assume there is no mischief intended.

    “Firstly, the Vice President does not personally distribute money during his visits to the markets. He goes there to assess the progress of the implementation and to create awareness for a programme designed to meet the financing need of two million petty traders across the country in the first instance.

    “Secondly, while one will not bother to further address the issue of timing of the implementation since such issues are now known to be political posturing, it is important to note that TraderMoni is being actively implemented across all states of the federation and the FCT. It is not only in Lagos and Abuja as was insinuated.

    “These petty traders at the bottom of the economic ladder, with an inventory often less than N5,000, are beneficiaries of the TraderMoni scheme which provides N10,000 collateral/interest-free loans to them, empowerment that improves their small businesses, their families, while also contributing significantly to the economy.

    “Thirdly, in what is certainly a curious comment, the former President has also been quoted as describing the TraderMoni scheme as idiotic. To label such people-friendly scheme as idiotic is not only an absurdity, it is also an affront to the sensibilities of these hard working Nigerians, the beneficiaries of the micro-credit scheme.

    “For emphasis, the Bank of Industry implements the Government Enterprise and Empowerment Programme, (GEEP), one part of our Social Investment Programme. Enumeration Agents have been engaged to visit the markets and other points where petty traders are found to confirm that they are traders and also take their biometric information for recording purposes. After the enumeration, the N10, 000 collateral free loans are then disbursed electronically through the petty traders’ phones.

    TraderMoni is designed to meet the needs of the larger population of petty traders at the bottom of the pyramid who do not meet the more stringent criteria of BVN, bank accounts, market associations, cooperatives, required for bigger Market Moni loans.

    ”Under GEEP – which has MarketMoni, FarmerMoni and TraderMoni, at least 1.5 million Nigerians are already beneficiaries of the three-pronged approach of GEEP, while N-Power has created jobs for 500,000 young Nigerians graduates, besides non-graduates. Also, almost 300,000 Nigerians have benefitted from the Conditional Cash Transfer (CCT), which is given to the poorest and most vulnerable among us, and over 9.2 million school pupils are being fed a free meal daily in 26 states under the Home Grown School Feeding Programme.

    “It bears repetition that higher economic growth potentials are associated with lower income inequality. This makes a most overwhelming case for welfare payments like the social investment schemes like the TraderMoni/MarketMoni schemes. Such a micro-credit scheme provides a higher rate of inclusion into the financial bracket and is crucial in lifting hardworking people out of poverty as has been the case in other countries like India and Brazil.

    “Fourthly, the former president also rehashed discredited claims suggesting that TraderMonibeneficiaries were required to tender their PVCs, and questioned the timing of the implementation.

    “Let me, therefore, state again that beneficiaries of TraderMoni are not required to show their Permanent Voter Cards (PVCs) or any document indicating their political affiliations to qualify for the loans.

    “This is why the enumeration is done in the open markets and wherever the traders ply their trade. This issue has been addressed several times by the Presidency in the public space. Therefore, the former president’s alleged comments smirk of outright mischief as it regurgitates blatant falsehood.

    “Equally, if the former president had conducted a simple act of diligence, he would have found that the National Assembly had approved this programmes and budgeted for them duly.

    ”When President Muhammadu Buhari came into office, one of the major hinges of this administration was to uplift the common man out of poverty and ensure the welfare of ordinary Nigerians.  TraderMoni is  one of such schemes conceived in 2016 under the Social Investment Programme of this administration.

    “Being a former president, Chief Obasanjo ordinarily should appreciate the impact of such far-reaching social investment schemes, which has provided what is now the largest social safety net for millions of Nigerians and is unprecedented in the nation’s history.

    Read also: Attack on TraderMoni: PDP, Fayose rehashing falsehood, says Presidency

    “Again, the former president’s attack on TraderMoni and the person of the Vice President is an indicator that he may be wittingly or unwittingly playing to the sinister script of the opposition party to spread falsehood and attack the social investment programmes of the Buhari administration, which champions such impactful schemes, and which is now attracting the praise and commendation of Nigerians everywhere.

    “It is pertinent to state that the false allegations against  TraderMoni  raised again by the former president, is sadly a rehash of baseless claims previously made by leading chieftains of the opposition Peoples Democratic Party (PDP), whose record of profligacy, corruption and mismanagement clearly show it has no agenda to uplift the common man or improve the lives of Nigerians.

    ”Finally, attacks such as this on a scheme that benefits the masses of our people is a direct attack on the people and this kind of conduct does not reflect very well on a former president but is only self-denigrating and of no public value.

    “As is already now obvious, the generality of the Nigerian people will not only reject that attack but will also condemn its source. We, therefore, urge the former president to be far more circumspect and more public-spirited in his utterances going forward.”