FG Set To Relaunch ‘Tradermoni Scheme’, Beneficiaries Get N50,000 Business Support

Federal Government has announced its plan to restart the Tradermoni scheme in November with each beneficiary getting N50,000 to support their business.

VerseNews reports that the Minister of Humanitarian Affairs and Poverty Alleviation Dr. Betta Edu while speaking on Channels Television’s Sunday Politics said there will be more money to support businesses as the government is set to relaunch scheme.

Tradermoni Scheme is an interest-free loan scheme for traders – started in 2018 – has been on hold for some time,

Confirming that the scheme has not been scrapped, she 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.

Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries.

“It’s N50,000 to support their businesses,” she said.

“We are not interested in party lines, or any social or personal interest. We capture them in the market and then after doing so, we create a bank account just as they are being captured, and the monies are sent directly from the CBN account,” the minister noted.