Renewed hope as FG is set to re-introduce ‘Tradermoni’ scheme earmarks N50k each for beneficiaries

The Nigerian government has revealed that it would re-introduce the 'Tradermoni' scheme in November 2023, earmarking N50,000 for each beneficiary to support their businesses.

This development was confirmed by the Minister of Humanitarian Affairs and Poverty Alleviation, Mrs Betta Edu, who was a guest on Channels TV's prime time program 'Sunday Politics'.

It was gathered that the poverty alleviation scheme first started in 2018 and has been off the radar for a while.

While confirming the re-introduction of the scheme, Mrs Edu said:

“Now, for the first set, which we are starting in November, we are selecting one big market per senatorial district. That is 109 markets, and we are going into the markets, capturing the traders in their shops in the markets."

Mrs Betta revealed that beneficiaries would not be selected along party lines or any social or personal interest group.

She stated that after the beneficiaries are selected from the various markets, a particular bank account would be open for them, and they will get paid directly from the Central Bank of Nigeria.

FG says beneficiaries to get more free-interest loans

However, she noted that these monies transferred to the beneficiaries are a one-off interest-free loan, and anyone who repays would be eligible for another loan.

She, however, reiterated that the event is not a political tool and that the initiative solely emanates from the "Renewed Hope" mantra of the current administration.

Mrs Betta said: "As we are starting, the Renewed Hope GEEP programme, we don’t have elections, we have Nigerians. Politics is over. We are facing governance. That’s what President Bola Ahmed Tinubu is all about.”