The Federal Government on Thursday extended its no-interest loan scheme to two markets in Ibadan, the Oyo State capital.
Vice President Yemi Osinbajo, and Oyo State Governor Abiola Ajimobi, among others, were in Bodija and Oje markets to launch the scheme.
Speaking about the Trader Moni scheme, Laolu Akande, a media aide to Osinbajo, said “The TraderMoni scheme is part of the socio-investment programme of the President Muhammadu Buhari administration and the plan is to ensure that between September and December this year, two million petty traders receive the first payment of N10,000.
“Once they are able to return it within six months, they get additional N15,000 and when they return that, they get another N20,000 until they get as much as N50,000.
“The whole idea is that the President wants to ensure that traders that are at the bottom of the ladder; people whose wares and businesses are just about N3000, N5000 and so on; people who normally don’t get any kind of financial assistance; people that the banks do not give any kind of credit because they have no collateral are not left out in what they are doing in our micro-credit scheme.”