The Federal Government (FG) has disclosed that it would restart the TraderMoni scheme in November. This was made known by Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation during Sunday Politics, a Channels Television programme where she disclosed that each beneficiary would receive N50,000 to support their business.
She said, “Now, for the first set, which we are commencing in November, we are selecting one prominent market per senatorial district, totaling 109 markets. We will actively engage traders within their shops in these markets.
“We are not influenced by party affiliations or personal interests. We enroll them in the market, simultaneously creating a bank account for them during the enrolment, and the funds are directly transferred from the CBN account.”
The Minister said this is a one-off interest loan, with those who can repay it being eligible for another loan.
She further revealed that with the approval of President Bola Ahmed Tinubu, the official launch of the conditional cash transfer to 15 million household would commence on 17 October, 2023.
