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Tag: TraderMoni.

  • Attack on TraderMoni: Obasanjo ignorant or mischievous – Presidency

    The office of Vice President Yemi Osinbajo on Monday replied the former President Olusegun Obasanjo’s criticism of the TraderMoni scheme introduced by the current administration.

    A statement by the Senior Special Assistant on Media and publicity, Laolu Akande, said that the former President was either ignorant or mischievous with his criticism of the scheme.

    He said “The statement purportedly attributed to former president Olusegun Obasanjo regarding Vice President Yemi Osinbajo, SAN, and the Federal Government’s TraderMoni microcredit scheme if, indeed true and accurate, is most unfortunate, according to the Senior Special Assistant to the President on Media & Publicity, Mr. Laolu Akande.

    “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.”

    He said that 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 2 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 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.

    Read also: Obasanjo, an expired politician – Tinubu

    “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, he said, 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.

    He went on “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 TraderMoni beneficiaries 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 Personal Voters 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, he said that 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.

    “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, 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.” he stated

     

     

     

  • Jubilation as 20,000 traders get tradermoni in Edo

    There was jubilation among traders in Edo State as they received alerts from the TraderMoni, one of the component the Federal Government’s Social Investment Programme (SIP). Vice President, Prof. Yemi Osinbajo, was in Bénin City, the Edo State capital to distribute the loan. Prof. Osinbajo visited the Oba market and the Ekiosa market where he interacted with traders.

    Many of the traders wore t-shirts with the TraderMoni insignia and they displayed the 4+4 sign to show their support for the APC. Osinbajo took time to explain to the traders on the need to pay back so that they could get loan up to N100,000. In a chat with newsmen, Prof. Osinbajo said the traders at the bottom of the pyramid pay back loans than the rich. According to him, “We ensure we are able to give micro credit to market women.

    “These petty traders, their inventory are not more than N2000 so we give them N10,000 via their electronic payment. If they pay back we give them N20,000 and up to N100,000. We have to ensure the bottom of the pyramid in Nigeria is supported. If we do not give millions of petty traders loan, how do they get out of poverty. Those at the bottom of pyramid are consistent in paying back loan. When they pay back they get more money. It makes sense to pay back. That is the way it is structured.”

    Governor Godwin Obaseki, who assured the beneficiaries of more incentives for Micro, Small and Medium Enterprises (MSMEs), said his administration would continue to work closely with the Federal Government on the several empowerment initiatives designed to enhance the welfare of Nigerians. The governor urged market men and women to take advantage of the funding window to scale their businesses and improve their welfare.

  • Osinbajo’s visit: Police ready to provide security in Niger

    The Police Command in Niger is fully ready to provide adequate security before, during and after Vice President Yemi Osinbajo’s visit to the state on Saturday, Jan. 12.

    The Commissioner of Police in the state, Mr Dibal Yakadi, made this known in an interview with the News Agency of Nigeria in Minna on Friday.

    Yakadi said that an effective operational order on how to provide security at each of the places that the Vice President was expected to visit had since been issued to the officers deployed for that purpose.

    He said that the command had taken concrete security measures to ensure a peaceful visit.

    ‘’We have mobilised sufficient armed personnel to provide security cover for our Vice President before, during and after the visit,’’ Yakadi said.

    The commissioner also said that the command had already embarked on “Operation Show Force’’ with other security agencies to show our preparedness for the visit.

    He explained that the measures were aimed at giving the residents of the state the opportunity to welcome the Vice President without any security threat.

    The commissioner advised leaders of political parties in the state to impress it on their supporters to shun all forms of violence and thuggery before, during and after the Vice President’s visit.

    Read Also: Police declare 12 more wanted over Alkali’s death

    Yakadi said: “We will not tolerate any act capable of bringing confusion before, during and after the visit.’’

    He warned that any person or groups found wanting would be arrested and prosecuted.

    The commissioner said that during the Vice President’s visit, the TraderMoni Scheme of the Federal Government would be introduced to traders at Gwari and Tunga markets in the metropolis.

    According to him, the visit will also afford the Vice President the opportunity to flag off the All Progressives Congress (APC) Governorship campaign.

    NAN reports that the Federal Government’s TraderMoni scheme is a collateral-free loan to traders, that ranges from N10,000 to N50,000, depending on how well the borrowers are able to make repayments.

  • How Buhari conceived Tradernoni scheme, by Osinbajo 

    Vice President Yemi Osinbajo has given account of how President Muhammadu Buhari conceived the TraderMoni scheme.
    According to him, President Buhari conceived the TraderMoni scheme way back during the years when he was Chairman of the Katsina State Development Foundation, which gave soft loans and micro-credits to people to assist them in their respective businesses.
    Osinbajo also said the Buhari administration will continue to maximize the country’s huge resources for the benefit of the common man.
    The Vice President, according to a statement by his Senior Special Assistant on Media and publicity, Laolu Akande, stated this during the Family Chats on Sunday and Monday, in Lagos and Abuja respectively.
    At the Family Chats, the Vice President met with Nigerians in their homes and neighborhoods, engaging them on issues & the Next Level plan of the Buhari administration, while noting that the Federal Government would continue to work towards improving the welfare of all Nigerians.
    Following his visit on Sunday to the Palace of the Seriki of the Hausa community in Agege, Lagos, Alhaji Musa Muhammed Dogonkadai; the Vice President continued the Family Chats on Monday in Wuse and Garki, Abuja, where he visited the families of Rtd. Col. Ahmed Zubair and Mr. Abdulwaheed Yusuf, and addressed an excited crowd.
    At the Palace of the Seriki, Prof. Osinbajo emphasized that President Buhari’s concern for the welfare of the common man.
    He said, “President Muhammadu Buhari said, ‘I will fight corruption, I’m for the common man.  I’m for the man in the street.’ I don’t know if you have heard about TraderMoni, the loans we are giving to petty traders.
    “He (President) was chairman of Katsina (State Development) Foundation, where they were doing the same thing – giving poor people loans, credits, so that they will be able to do their businesses.
    “He then told me, when we came into office, that we must do the same thing for all Nigerian traders.” he added
    The Vice President also noted that Nigeria is undergoing a rebuilding process under the Buhari administration.
    He said, “The message from President Muhammadu Buhari is that our country is going to the next level. We are going to do better and better.
    “We are going to use the money of Nigeria to help Nigerians. So that traders would have more money for their businesses, so that every Nigerian can prosper.
    “Mr. President has said that he will not allow a situation where people steal our money.  That’s why we are not going back to the past, our money must be used for Nigerians. That’s why we have schemes like TraderMoni, MarketMoni, and our Social Investment Programmes.”
    He said that Nigeria would be great as President Buhari is ensuring the right foundations are built for the country’s long-term prosperity.
    He said, “When you are building a foundation, things will be hard.  When you are not importing everything, things will be hard.  We all know.
    “But things will be better because it is an honest man who is there and the building process is still ongoing. Our country will be great. God has provided for this country a lot of resources, but it must go round. Everybody must be able to take so that there would be education, health, houses for people.
    Prof. Osinbajo highlighted the significant gains achieved under the administration’s Anchors Borrowers Programme as a pointer to improvement in agriculture, and other sectors.
    He said, “Look at what is happening in the North now because of the Anchor Borrowers Programme.  We gave many of the farmers, over 760,000 farmers, soft loans.  So, now they are producing rice, producing millet, producing sorghum.
    “We are not importing rice now.  We are bringing rice from Kebbi, from Sokoto, from all over the country.  By next year, we will not import rice. All our rice will be produced here. When you do that farmers will be rich.
    “Farmers in other countries they are rich people. They are not poor. I’ve been to a country where farmers own airplanes. Why?  Because their leaders are not thieves. Their leaders help them so that they can farm; they can expand their farms and they can earn money.
    “I went to speak to them in Kebbi.  Two of the farmers came to me and said, since this our government (came into power), they have been doing very well.  One of them said, ‘now I have my money, I can pay for my hajj.’ Another one even told me that he has married a second wife and I said no, no.  I said don’t do that because one wife is enough.  He said since he is getting some money be can marry a second wife
    “But the truth of the matter is that there is enough money for us in this country.  I believe that we must give President Muhammadu Buhari enough votes to lead this country for four more years.  If he leads this country for four more years, you will see the difference.” he said
    The Vice President also pointed out the administration’s anti-corruption stance, noting that the Buhari administration is focused on improving the lives of the common man on the streets, while highlighting the impact of the Social Investment Programmes.

  • VP Osinbajo takes TraderMoni to Warri, Asaba markets

    The Vice President, Prof. Yemi Osinbajo, on Friday visited the Warri Main Market and Ogbe Ogonogo Market, Asaba in Delta State to assess the disbursement of the TraderMoni scheme.

    TraderMoni is an Empowerment Scheme of the Federal Government created specifically for petty traders and artisans across the country.

    Under the scheme, two million petty traders across the country would get N10,000 collateral-free loans this year.

    Osinbajo, shortly after touching down at the Warri Airport, proceeded to the Palace of Olu Of Warri Ogiame Ikenwoli for a courtesy visit.

    Osinbajo was given massive welcome at the palace where he addressed an enthusiastic crowd.

    He explained that TraderMoni, a brainchild of President Muhammadu Buhari, was meant to empower no fewer than 2 million petty traders in 2018.

    “Today, I am here to flag off the TraderMoni scheme –one of those schemes initiated by President Buhari.

    “We have looked at the whole commercial landscape of Nigeria; the largest number of people engaged in commerce are petty traders.

    “They are small traders; some of them table top traders; some of them selling on trays and the whole is usually not more than N2000 to N5000.

    “The president then decided, following an experience which he had with the Katsina Foundation which he was the chairman, that it is important to give these petty traders some kind of a loan—N10,000.

    “When they pay back, we give them N15,000, when they pay back, we give them 20,000 and we keep increasing all the way to N100,000 so long as they come back.

    “It is meant to empower the petty traders,’’ he said.

    The vice president said that there was nothing political about the scheme as was being insinuated.

    He said it was unfortunate that because the scheme had gained popularity, some people were attacking it.

    At the Warri Main Market, Osinbajo was given a rousing welcome by a waiting crowd which cheered and hailed as the vice president acknowledged cheers.

    He went round the market lines and stalls to have a one on one exchange with the traders.

    Afterwards, the vice president proceeded to palace of Ovie of Ughelli Wilson Oharisi 111 on a courtesy call.

    At the Ogbe Ogonogo Market, Asaba, Osinbajo was also received by broom wielding crowd.

    He went round the market and had one on one interactions with the traders who told the vice president their successes with the TraderMoni.(NAN)

  • Kwara APC, PDP quarrel over Tradermoni

    The All Progressives Congress (APC) and the Peoples Democratic Party (PDP) in Kwara State have disagreed over Federal Government’s Social Investment Programme (SIP), also called Tradermoni.

    While the PDP accused the Federal Government and the APC of politicising the programme, the state’s opposition party denied the allegation.

    Kwara PDP spokesperson Tunde Ashaolu said: “The purported launching of the scheme on Friday in Ilorin by Vice-President Prof. Yemi Osinbajo was nothing but a political jamboree.”

    The party also alleged that the identification and selection of beneficiaries of the scheme was “marred by political interference as majority of those who were selected were not genuine traders and artisans but members and supporters of the APC”.

    He added: “It is improper and very disturbing that a Federal Government-financed programme has been turned into a party programme.

    “As a government initiative, we expected that all eligible Nigerians, irrespective of their political affiliations, would benefit from it. But unfortunately, this has not been the case with Tradermoni. The Federal Government has failed to ensure equitable participation of all Nigerians in the scheme.

    “Furthermore, we note that the distribution of such funds at this period of electioneering is a deliberate ploy by the Federal Government and the APC to induce voters ahead of the forthcoming elections.

    “We also wish to state that unlike the APC-led Federal Government that is coming to distribute cash to people few weeks to the elections under the guise of empowerment, the state government has always provided assistance to small and medium business owners in the state, including market women, traders and artisans.

    “We, therefore, call on market women, traders and artisans in the state not to be deceived by the political gimmick of the APC-controlled Federal Government that has not provided any assistance for them in the last three and a half years.

    “The APC and Federal Government should also know that no amount of political gimmicks and propaganda will deter the people of Kwara State from supporting (Senate President) Bukola Saraki and the PDP.”

    But APC State Chairman Bashir Bolarinwa said: “Tradermoni of the APC-led administration in the country was never planned nor executed based on party loyalty or political affiliation and it is not being carried out for the sake of electioneering campaign purposes.”

    Speaking through media aide, Sabo Odeyemi, the APC chairman stressed that “the PDP is talking out of ignorance and sentiment because it is never a masses-oriented party; forgetting that any programme or scheme tagged ‘social investment’ crosses political terrain to include all segments of the society”.

    He added: “It is good enough for the PDP to come out of ignorance and sentiment because the party has made the issue to become an accused turning to become the accuser.

    “Vice President Yemi Osinbajo has been moving round the country since two years ago for this Tradermoni scheme as the entire country is the constituency of the Federal Government.”

     

  • Thugs disrupt TraderMoni in Ilorin

    SUSPECTED Hoodlums yesterday invaded the Mandate Market in Ilorin, Kwara State, to disrupt the disbursement of money to beneficiaries of the TraderMoni.

    They scared away petty traders and agents of the scheme.

    As early as 9am, the suspected hoodlums stormed the Mandate Market, insisting that the TraderMoni scheme cannot be implemented in the market built on a land donated to the state government by the Senate President Bukola Saraki’s father, the late Olusola Saraki.

    It was not clear whether they were sent by anyone or whether they were mere party zealots, working on their own.

    According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10, 000 collateral free loans, the arrival of the mob at Mandate Market caused some uproar.

    The suspected thugs also intimidated the petty traders who had lined up to participate in the programme. Many of the traders were palpably annoyed and refused to leave the market. Calm was restored with the intervention of the police.

    At the Ipata Market, where enumeration and disbursement of the TraderMoni loans were also going on, market leaders reportedly rebuffed pressure from some officials of the state, urging them to shun the enumerators. The programme went on without incident.

    Officials of the Bank of Industry (BoI) told reporters that enumeration had been going on in the two markets in Kwara State in the last few days, without incident until yesterday.

    Vice President Yemi Osinbajo is expected in the markets today.

    TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10, 000.

    The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15, 000 loan, which rises to N20, 000 when repaid.

    The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach two million petty traders by the end of the year.

  • Thugs disrupt TraderMoni scheme in Ilorin

    Hoodlums invaded the Mandate Market in Ilorin, Kwara State, today and scared away petty traders and TraderMoni agents, disrupting the disbursement of money to beneficiaries of the scheme.

    As early as 9am, the hoodlums, some of them wearing ‘PDP Atikulated T-shirts’, stormed the Mandate Market, insisting that the TraderMoni scheme could not be conducted, because the Senate President Bukola Saraki’s father donated the land to the state government to build the market.

    It was not clear whether they were sent by anyone or whether they were mere party zealots, working on their own.

    According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10,000 collateral free loans, the arrival of the mob at Mandate Market caused some uproar.

    The thugs also intimidated the petty traders who had lined up to participate in the programme.

    Many of the traders were palpably annoyed and refused to leave the market. Calm was restored with the intervention of the police.

    At the Ipata Market, where enumeration and disbursement of the TraderMoni loans were also going on, market leaders reportedly rebuffed pressure from some officials of the state, urging them to shun the enumerators. The programme went on without incident.

    Officials of the Bank of Industry told newsmen that enumeration had been going on in the two markets in Kwara State in the last few days, without incident until today.

    Vice President Yemi Osinbajo is expected in the markets on Friday December 7 .

    TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000.

    The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15,000 loan, which rises to N20,000 when repaid.

    The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach two million petty traders by the end of the year.

  • ‘FG’s tradermoni good policy’

    One of the leading real estate practitioners,  Chief Adesunbo Onitiri, has commended the ongoing distribution of tradermoni by the Federal Government to traders in parts of Lagos and its environs.

    In a statement issued in Lagos yesterday, Chief Onitiri said “the tradermoni being dished out to traders is a good gesture. I only quarrel with its execution.

    “If the policy drivers intend it to solve poverty, it is wrongly directed. What the government should do is to wipe out poverty within the rank and file of the entire populace”.

    According to Onitiri, “the government should create enabling environment for business to thrive. They can also pay all unemployed citizens stipends monthly, or create farm settlements for youths and train them in agriculture.”

    Read also: Itire-Ikate LCDA replicates Fed Govt’s Tradermoni

  • Itire-Ikate LCDA replicates Fed Govt’s Tradermoni

    Itire-Ikate Local Council Development Area (LCDA) of Lagos State yesterday replicated the Federal Government’s Tradermoni.

    Traders came from communities in the area to the council secretariat for the grant.

    The Chairman, Ahmed Apatira, said the gesture was to complement the Federal Government’s gesture.

    He noted: “The amount distributed by the Federal Government cannot reach every trader in the country and you know Lagos State has a high population, hence our intervention to assist the Federal Government to enable more people benefit.”

    Apatira said the gesture was also to fulfil his promises to the people.

    “It is giving back to the society, because we promised to make their life better and this is exactly what we are doing. We have to do this, it is not just giving money, it is empowerment, which will enable them feed their families and be useful to the society,” he said.

    A meat seller, Adeola Ogunsanya, said the money help the traders to boost their business.

    Another trader, Mrs. Alimat Tajudeen, said the support would grow her petty business, “because if we have money to trade, we will sell more and make more profit. This will enable us eat well and take care of our children.”