FG disburses TraderMoni to Bayelsa, Bauchi traders

The Federal Government through the Bank of Industry (BoI) has begun the disbursement of N10,000 to traders in Bayelsa as a micro-credit tagged TraderMoni.

Traders who were earlier registered for the scheme thronged the Tombia market venue in Yenagoa, the state capital, for the commencement of disbursement yesterday. Some of the beneficiaries expressed appreciation to the federal government for the gesture.

However, it was observed during the disbursement that proper sensitisation of the programme had not been carried out in the state as many beneficiaries believe the money was a grant and not a loan.

A trader in fabrics, Nisiama Felix, who got his N10,000 micro-credit commended the Federal Government for the gesture. He said he would use the money to expand his business. As for Olugbo Timibara, a photographer, he said when he was introduced to the scheme, he dismissed it as one of those ponzi schemes.

Meanwhile, the Vice President, Prof. Yemi Osinbajo, has said 30 per cent of the nation’s revenue is being spent on infrastructure across the country to develop some major projects. Osinbajo revealed this while inaugurating the TraderMoni Scheme in Bauchi yesterday, the project which targets petty traders by giving soft loan as capital. A trader is given N10,000 by the federal government to start a business and refund after which another can be applied for. 

While addressing different groups in the state, Osinbajo said: “For the first time in the history of Nigeria, we are spending 30 per cent of all our income on infrastructure. That is why are able to build Lagos-Kano Railway, we are able to build Madiba Hydro power project and all other road projects we have been able to build, because we are spending Nigerians money in the right places and we are making sure that nobody steals resources of this country”.

Earlier, the state governor, Muhammad Abdullahi Abubakar, said the scheme has impacted so much in the lives of his people, therefore pleading with the federal government to continue including Bauchi in its developmental projects.

Osinbajo, while in the state, paid a visit to the Emir of Bauchi, Alhaji Rilwanu Suleiman Adamu, before he commissioned ‘One Stop Investment House’, Ahmadu Bello Way and Medium Small Micro Enterprise (MSME) Clinic.