Presidency: Why We Are Supporting Nigerian Petty Traders With Collateral Free N10,000 Loans

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The Buhari Administration will intensify its efforts to empower more Nigerians economically as it continues to launch the Trader Moni N10,000 collateral-free loans to petty traders across the country, according to Mr. Laolu Akande, Senior Special Assistant to the President, Office of the Vice President.

Akande who gave an update on the microcredit scheme on Sunday explained that to qualify for the Trader Moni scheme no documentation of any kind is required. He spoke against the backdrop of claims about PVC being a requirement for the loans.

According to Akande, “the petty traders are not required to show PVC, or any document for that matter, they are only expected to show they are petty traders and this is why the enumeration is done in the markets and wherever the traders ply their trades.”

He also explained that those who question the timing of the loans have forgotten that the credit scheme is part of the Social Investment Programme of the Buhari presidency, and had commenced since 2016.

The Trader Moni specifically was conceived in 2016, he disclosed and wondered “must we then suspend the empowerment of the traders just because some people will insinuate motivations? The petty traders whose trades and lives are being positively impacted as they receive the N10,000 are telling a different story from those making political insinuations. And it is their stories that inspire us.”

He continued: “Nigerians already know that the Buhari Administration is one that is projecting the interests of the common man, Nigerians who are at the lower rungs, and this is not a new perception at all.”

This week, the interest-free loans which have now been launched in eight States including the FCT would be extended to more States including Oyo, Cross Rivers, and Kaduna States.

Already the micro-credit scheme has been introduced in the following States:

Lagos

Kano

Abia

Akwa Ibom

Katsina

Osun

Abuja, FCT

Kogi