We Will Expand Tradermoni, N-Power, School Feeding, Others – Osinbajo

Vice President Yemi Osinbajo has stated that President Muhammadu Buhari’s government will expand Social Investment Programmes including TraderMoni, N-Power and Home Grown School Feeding Programme.

Speaking at the 11th Bola Tinubu Colloquium themed: ‘Work For People’ at the International Conference Centre, Abuja on Thursday, he assured Nigerians of better times.

Prof. Osinbajo explained that at the Next Level many Nigerians will benefit from the programmes introduced by the federal government.

“We are talking again about our Social Investment Programmes (SIPs). At the Next Level, we will, of course, expand our Social Investment Programme; at the moment, the programme is the biggest of its kind anywhere in the African continent. 

“In our school feeding programme, we are feeding every day, 9.2 million children in public schools across 26 states.

“That programme is important not just from the point of view of providing nutrition for many of the young people in public schools, many of whom come from very poor parents and may not be assured of a decent meal a day.

“It is a very important programme for us also because of the multiplier-effect on agriculture and also in the distribution of the products and also those we employ as cooks.

“The same is true of our TraderMoni programme, a component of our Government Enterprise and Empowerment Programme (GEEP), where we are giving money to the bottom of the trading pyramid in Nigeria.

“It is a programme of the Bank of Industry where we give loans of N10, 000 to petty traders through their mobile phones and they get N15,000 when they pay back, then N20,000 and more up to N100,000.

“The same is true of our MarketMoni which we give to traders in cooperatives. So far, we have over a million TraderMoni beneficiaries and about 500,000 MarketMoni beneficiaries and we intend to expand the scope of that.

“We also intend to expand the scope of our N-Power programme which is our job scheme for young people. Young graduates coming out of school and some non-graduates.

“At the moment, we are engaging 500,000 of these young people and we pay them every month. Most of them have devices/tablets that contain training materials in enhancing their viability skills and also helps them to provide services to people who require them. 

“We intend to expand the programme; we must expand the programme because 1.7million people come out of school and are looking for jobs every single year, we are able to bridge that gap by engaging 500,000 of them as soon as they come out of school.  

“So, the Next Level promises to be exciting, though a bit challenging as possibly as where we are coming from. But as the President has said repeatedly, we have no other focus but the progress of this country. And we will ensure that step-by-step, we get to where it is that we promised to take the country. 

“I want to say to you all that the Next Level is for all of us and I urge that all of us cooperate to take us to this Next Level,” he said in his speech.

So, on behalf of the President, Muhammadu Buhari whom I represent here today, I want to wish Asiwaju Bola Ahmed Tinubu, happy birthday and to thank you all for making out time to come to this event.

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30,000 Petty Traders Receive Trader Moni Loans After Elections

Contrary to speculations in some quarters, the TraderMoni scheme and other GEEP micro-credit products (MarketMoni and FarmerMoni) – a component of the Buhari administration’s Social Investment Programme, are still very much in operation, Mr Laolu Akande, the Senior Special Assistant on Media & Publicity to the President (Office of the Vice President), has said.

Mr Akande disclosed this in a progress report on the GEEP micro-credit products (TraderMoni, MarketMoni, and FarmerMoni).

According to him, “So far, a target of 30,000 minimum beneficiaries per state has been achieved in majority of the 36 states and FCT since after the national and state polls.”

Besides, he added that “what the implementing agency has been doing since the last phase of disbursements is generating the balance of program funding while ramping up on the states with shortages.”

“Consequently, disbursements have continued to happen in the states; for instance, we have had over 28,000 disbursements across 10 states since after the elections.

“Our priority is ramping up these numbers in the balance of states before we move to phase two of the program after detailed reviews and structural enhancements for larger scale.

“Under the Next Level agenda, Trader Moni loans will target ten million petty traders, a significant ramp up from the initial target of two million beneficiaries.

On the role of the Ministry for Industry, Trade and Investment in the implementation of the scheme, he said, “it is actively involved in the project.”

Mr Akande said, “that ministry is, in fact the oversighting Ministry of Bank of Industry, which is the deploying agency. The office of the Minister executes the GEEP program via the Bank of Industry. 

“The governance structure of GEEP includes the office of the Vice President (National Social Investment Office), The Ministry of Trade and Investment, and the Bank of Industry.” 

Speaking on measures adopted to enhance repayments, the Presidential Media Aide said GEEP has pioneered innovative solutions to drive repayment compliance.

“Working with the Central Bank of Nigeria (CBN), and the Nigerian Interbank Settlement System (NIBSS), we successfully piloted the concept of the BVN as digital collateral; and we saw repayment go up significantly on the MarketMoni and FarmerMoni loans.

“For TraderMoni, beneficiaries can pay back at any commercial bank in the country just like a NEPA or WAEC bill; all they need to provide the bank teller with is their phone number. We also developed and successfully piloted scratch cards as a repayment option for beneficiaries who stay kilometres away from the nearest banks in their community. The cards are loaded the same way Telco recharge cards are loaded, thus requiring no new learning curve.

“This improved repayment received compliance to the extent that in January, the Bank of Industry began second level disbursements – disbursements of N15,000 – to beneficiaries in Lagos, Borno, Ogun and Oyo states for trader who had successfully paid back their first N10,000 loans,” Mr Akande disclosed. 

According to him, “GEEP’s vision (in the long term) remains to empower the over 30 million MSMEs in Nigeria with interest-free, collateral-free loans.”

The GEEP programme, a component of the Buhari administration’s Social Investment Programme (SIP) has since inception about two years ago, impacted many lives, improved living conditions and expanded opportunities for ordinary Nigerians to do petty trading as well as small and medium scale businesses. 

Under the Trader Moni scheme, an initial N10,000 loan is given to petty traders and once they repay within six months, they can receive a new N15,000 loan and when they repay that they can get another N20,000 loan until they get as much as N100,000


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Ogun Govt Officials Disrupt Trader Moni Disbursement

The planned disbursement of Trader Moni Scheme for petty traders Lafenwa Market in Abeokuta, Ogun State has been disrupted by suspected agents of the State Government.

Officials compiling the names of prospective beneficiaries at the stall of the Iyaloja, Alhaja Ramotalai Olatunji were forcibly dispersed by government agents.

The Trader Moni scheme is one of the National Social Investment Programmes of the federal government to support petty traders and encourage financial inclusion.

Details later…

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Fayose’s Mischief On TraderMoni Scheme Is Not Out Of Character – Presidency

It is mischievous, but not entirely out of character, for former Governor Ayo Fayose to mindlessly attack TraderMoni, the interest-free N10,000 loans given to petty traders.

For the records, the issue of TraderMoni has been addressed several times in the public space. It is infantile for the PDP and Fayose to keep rehashing outright falsehood. It is clear from their actions that Fayose and his cronies are bereft of workable ideas and do not have any clear-cut agenda for their campaigns, so they have no choice but to resort to regurgitating spurious allegations like this. Their resort to the unending generation of fake news as a campaign strategy is not shocking, coming especially from Fayose, but it is nonetheless pitiful.

But Nigeria can see through the deception. It doesn’t matter how long they keep trying, the truth would stand. The TraderMoni scheme is not just helping the lives and businesses of ordinary Nigerians like petty traders at the bottom of the economic ladder, it is, again, proof that the Buhari administration is irretrievably focused on improving the lives of the common man.

In case Fayose has forgotten, or better still pretends not to remember, under the Buhari administration, N2.7 trillion has been spent in two budget cycles on capital, the highest in the nation’s history. This would not have been possible if not for the prudent management of resources and the absence of grand corruption for which his party PDP is well known. This government has been able to do far more with less resources, than what was obtained under past administrations, where profligacy & gross mismanagement of the country’s resources were rife.

Thus, Fayose’s feeble attempt to lump the Vice President or the Buhari administration into the sordid happenings under the PDP in past administration through spreading falsehood is not only mischievous, but a disrespect to hardworking Nigerians in their millions who are now enjoying the impact of the Social Investment Programmes of this administration.

It must be emphasized that, for the records, the repatriated $322m is now currently being applied to support the Buhari administration’s Conditional Cash Transfer (CCT) scheme under the Social Investment Programmes. Part of the conditions under which the looted funds were restored to Nigeria is that the World Bank would be involved in over-sighting its disbursements, which is what is being done now.

Thus, any claim of re-looting of any kind is totally false and must be ignored by Nigerians. Fayose and his ilk merely cry wolf where none exists; a shameless habit for which he is now well known.

Currently, almost 300,000 Nigerians in 21 states are benefitting from the CCT, where they receive a monthly stipend of N5,000. The beneficiaries are registered in the National Social Register across these states and the process of selecting beneficiaries is transparent; it is based on the World Bank’s Community Based Targeting whereby the different communities themselves identify the beneficiaries in a transparent process that is open to review and public auditing, even by Fayose, if he chosen to be that reasonable.

That the Vice President is championing the scheme across the states is because of the commitment of the administration to the common man and to ensure effective implementation.

It obviously appears that the PDP are riled by the impact of the TraderMoni scheme, where over 1.2 million petty traders are beneficiaries at the last count. The disbursement process of the TraderMoni loans is transparent and direct, while the enumeration is technology-driven, whereby enumerators meet traders at their business locations to get their data, which includes names, phone number and account number. This process is largely tied to a phone number which also doubles as a mobile money wallet. The registered phone numbers are then credited with the loan via a mobile money platform, from which the agents transfer the money to the beneficiary’s bank account or give physical cash of N10,000 in cases where no account exists. The Bank of Industry facilitates the loan disbursements in partnership with third-party agents to ensure transparency, accountability and efficiency of the process.

What is reassuring is that Nigerians are aware of the desperation of people like Fayose, who are rehashing old, baseless and worn-out allegations because they really have nothing to offer Nigerians, nor any shard of honour left to their names.

Signed by:

SIP Response Team, Presidency

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The Economic Case For The Trader Moni Scheme, By Nnamdi Chukwuemeka

The Federal Government launched the Trader Moni scheme as part of the Government Enterprise and Empowerment Programme (GEEP) in July 2018. The TraderMoni scheme entails the provision of N10,000 in interest free credit to table top traders. Beneficiaries have up to six months to repay the loans and thereby qualify for higher sums of money.

Since the launch of the scheme, which has been received by great enthusiasm by the beneficiaries, there have been various reactions ranging from genuine interest in knowing how the scheme works to name calling by political opponents of the APC Government who have called the loans bribes and vote-buying. It is difficult to understand how money that will be paid back can be considered as bribes. This short paper outlines the economic case for the TraderMoni scheme and the benefits that it will entail for the country.

The starting point for understanding TraderMoni is to see it as part of the broad ranging financial inclusion strategy of the Federal Government. Financial inclusion entails making financial services available to households and businesses in an affordable way. Several studies have shown that access to financial services helps to reduce poverty by facilitating payments and savings for households and businesses as well as enabling households to smooth out expenses and access services like micro-credit, micro-insurance and pensions. It also helps to improve lives, spur economic activity, reduce the cost of financial transactions and improve the delivery of social services, especially government payments. Financial inclusion also helps micro-enterprises to access cheaper credit and invest in order to grow their businesses.

Financial exclusion is considered expensive for economies. This means that with up to 41% of Nigerians lacking access to formal financial services there is need for urgent action. Financial exclusion in Nigeria is quite high compared to countries like Ghana where the rate of financial inclusion increased from 29% in 2011 to 58% in 2017. In South Africa which still suffers from the legacy of apartheid, up to 75% of the population has bank accounts as compared to 46% in 2004. in Kenya there has been a drastic increase in financial inclusion with up to 75% of the population having bank accounts, which is a 50% increase over the past 10 years partly due to the impact of digital payments systems. The common denominator in the examples of South Africa, Ghana and Kenya is that their governments took innovative and urgent action to speed up the pace of financial inclusion.

Empirical evidence from random controlled trials shows that small businesses benefit from increased access to credit because it enable them to invest in assets to expand their businesses, diversify into new products and cope better with business risk. Indeed, the relatively longer tenor of TraderMoni loans means that small entrepreneurs can venture into expanding their inventory and/or production.

Given Nigeria’s relatively poor performance in financial inclusion, the Federal Government has taken a strategic and innovative approach to ramping up financial inclusion in Nigeria. It has done this by:
• Recognising the need for urgency
• Introducing innovative programmes • Using fintech
• Working with major stakeholders
In recognising the need for urgency, the Federal Government to an approach to financial inclusion that would bring a large number of people into the financial net in a very short space of time. Accordingly, its target for TraderMoni was to have 2m people engaged in the scheme by the end of 2018. In the same vein, the programme ensured geographical coverage so that each State would be entitled to at least 30,000 participants in the TraderMoni scheme in the first phase.

The innovative programmes introduced to boost financial inclusion are to be found in the Government Enterprise and Empowerment Programme (GEEP) which provides micro-credit to existing businesses, which means the focus in on empowerment. GEEP has several components such as TraderMoni, MarketMoni and FarmerMoni and involves giving interest free loans to existing businesses. The advantages of the GEEP programme are exemplified by Trader Moni whose features include:

• N10,000 loans
• The credit is interest free
• Participating traders have to be table top, bottom of the value chain micro enterprises
• These micro-enterprises have to be carefully enumerated and captured into a database
• The loans have to be repaid in six months which entitles the borrower to borrowing a higher
amount of N15,000

MarketMoni which grants loans from N50,000 to N300,000 requires participants to open or have bank accounts (immediate financial inclusion) also uses an innovative risk mitigation arrangement whereby participants have to be part of a cooperative in order to qualify for the credit.

Studies have shown that microcredit works well when the participant already has an existing business and when interest rates are not exorbitant. TraderMoni meets this requirement given that participants not only have existing businesses but they are actually part of established retail chains, albeit at the lowest end. The interest free credit is to be contrasted to interest paid on loans from microfinance banks which attract interest rates of up to 30% to 60%.
TraderMoni also supports financial inclusion because it is bringing two million people into the financial system.

Participants get paid by electronic cash transfers and are required to open bank accounts including KYC requirements and BVN at point of requesting additional loans. This innovative micro-credit scheme will also help to avoid dependence on unreliable, insufficient and expensive informal mechanisms which traders currently rely on.
As a micro-credit scheme, TraderMoni can be seen as a good starting point for wider economic inclusion as the enrolment and data generated will propel the movement towards micro-savings, micro-insurance, micro-pensions and micro-payments for services like health provision. It will also encourage a second generation of innovative business ideas such as micro-leasing for ‘okadas’ and solar power. This will be backstopped by the fintech arrangements being used to process TraderMoni loans such as Eyowo.

Working with the Committee of Bank Chief Executives, the TraderMoni scheme will also be giving telephone hand sets to participants who do not already have one. This will help reduce the resort to sharing handsets and also ensuring that electronic payments get to the intended beneficiaries. The banks are working speedily towards expanding their agent network across the country while also making greater use of technology to ensure interoperable systems. Ultimately, with an envisaged general saving account somewhat like the government saving account in India, financial inclusion will enable more people to access additional services like micro-insurance, micro- payments, etc. TraderMoni is similarly preparing the previously financially excluded to use the Payment Services Banks which are set to be licensed by the Central Bank of Nigeria.

The strategy of using micro-credit and technology contribute to higher degrees of financial inclusion which is positively and causally related to growth and employment. It is estimated for instance that the roll out of SANEF by the Bankers Committee will lead to an additional 500,000 jobs in the wider economy.

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Osinbajo To Launch Trader Moni In Akwa Ibom

Vice President Yemi Osinbajo (SAN), is set to launch the N10,000 collateral-free Trader Moni scheme in Akwa Ibom.

Former governor of the State and Senator, Godswill Akpabio, disclosed this at the weekend while addressing supporters at his campaign kick off and inauguration of the All Progressives Congress (APC) office in Ukana, Essien Udim Local Government.

Akpabio noted that market women in the state would benefit from the scheme with cash grants by the Federal Government.

According to him, Akwa Ibom appreciate President Muhammadu Buhari’s efforts in infrastructural development, and the appointments the APC administration had offered Akwa Ibom sons and daughters.

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The A-Z Of MarketMoni And TraderMoni, By Yinka Ogunnubi

In August 2018, the President Muhammadu Buhari-led administration launched the Government Enterprise and Empowerment Programme (GEEP) through the Bank of Industry (BOI). GEEP has two pillars – the first called Market Moni and the second, Trader Moni.

The Market Moni scheme is a soft loans to traders ranging from N10,000 – N100,000. Traders decide the amount needed to boost their trade as long as it remains within the stipulated range.

The repayment period is for six months and there is 5% administration fee. No interest is charged. There is also a two weeks grace period to pay back. At the end of each payment, beneficiary can apply for a higher value or the same value.

1. You must belong to a registered and accredited market association or cooperative which must be registered with BOI
2. You must have BVN
3. Your market association or cooperative must nominate you for a loan and stand as your guarantor.
4. You must have a business location

So basically, to access Market Moni, you need to belong to a market association or a cooperative. This is because the money will be disbursed through your cooperative.

Now let’s talk about Trader Moni.

Trader Moni is a mobile phone driven initiative scheme. Unlike Market Moni, traders don’t need to be a member of a cooperative to access it. While Market Moni targets micro traders that are a bit structured, Trader Moni is targeted at the ultra-micro enterprises.

With Trader Moni, you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. The repayment period is six months with  zero interest.


To get registered, you need a mobile phone. Once your details are captured by the enumerators (also called agents), and sent to BoI system for validation, you’ll within 48 hours get cash notification in your mobile wallet account. You can either transfer the collateral free loan to your bank account or cash it at mobile money agent around.

In a nutshell, while Market Moni gives out loans from N10,000 – N100,000, Trader Moni gives loans from between N10,000 – N50,000 without beneficiary belonging to any cooperative or association. The repayment period remains six months.

In 2013, Nigeria Bureau of Statistics (NBS), and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), did a survey and they found out thatthe total number of MSMEs in Nigeria stood at 37,067,416 (Micro-36,994,578, Small- 68,168, and Medium-4,670). 68.35% of this number (i.e. 23.3m MSMEs) initial start-up capital was predominantly less than N50,000. This was the justification and it was based on data not politics.

You may ask, why not N1 million or N10m or N50m? This is because there are already other intervention funds like the Central Bank of Nigeria Micro, Small and Medium Enterprises Development Fund (MSMEDF), which gives from N500,000 to N50m to SMEs. To access this fund, you need a business plan, and be registered with the Corporate Affairs Commission (CAC), with a collateral.

How many market women, artisans and traders do you know who can prepare a business plan, register their business with CAC and have sufficient collateral to attract the CBN’s N220 Billion SME loan? Aside from this, the BOI also has a similar loan targeted at SMEs as well.

So what has been happening is that the big SME’s with the strength to do so have been able to access the other intervention funds targeted at SMEs, but those at the micro level have been unable to do so mainly because of structural reasons. This’s why they were targeted with GEEP.

So the idea that this is some vote buying scheme is ridiculous. Don’t go with the crowd. The government has been able to help these traders scale up by supporting their business with micro credit. As many that benefit from this scheme, they in turn add to the nation’s GDP.

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How Buhari Failed, Fighting Boko Haram: Facts And Figures, By @JeSuisNaija

Are Nigerians less safer today from deadly insurgency than they were before change of government in 2015? Let’s find out by reviewing key findings of unbiased global reports, which includes Global Terrorism Index (GTI).

References shall include but not limited to:
1. CSIS|Patterns in Global Terrorism:1970-2016
2. Sixth Report on Violence (2016),
3. Global Terrorism Index (2012 – 2017) 4. Amnesty Int’l (1999 – 2017)
5. Open Doors (2016)
6. UN – Counter Terrorism Implementation Taskforce (2018)

Asides violence history of herdsmen referred to as Fulani Militants that has spanned more than two decades, advent of Boko haram which peaked in 2014 in Nigeria introduced grievous dimensions to insurgency, as explicitly documented by Global Terrorism Index, Sydney, Australia.

While Global Terrorism Index (GTI) of 2012 – 2014 share close similarities in trends and distribution of violent occurrence in Nigeria, there’s a remarkable difference in 2016, as published in 2017. Pitching the 2016 reports against that of 2014 is damning illustrative.

Globally, terrorists’ activities increased by 80percent in 2014 to its highest recorded level. The largest ever year-on-year. Five countries, Iraq, Nigeria, Afghanistan, Pakistan and Syria accounted for 78percent of the entire global attacks. Nigeria ranked number 2.

Boko haram overtaking ISIL in 2014 to become the most deadly terrorist group in the world, accounted for terrorism deaths increase by 314% in Nigeria, representing 6,644 lives. ISIL was responsible for 6,073. Buhari wasn’t Nigeria’s President in 2014.

Iraq and Nigeria accounted for 53percent of world-wide deaths in 2014, with Nigeria having an unprecedented singular highest global increase. Let’s clap for Jonathan, ki e de fun PDP ni atewo.

Nigeria experienced the biggest yearly deterioration in terrorism combat in 2014. There were 5,662 more people killed from terrorism in 2014 than in 2013. In 2013 Boko haram killed only 1,595. This was d year of Banex Plaza bombing in Abuja. See https://www.bbc.com/news/world-africa-28019433

Similarly, Fulani militants (killer herdsmen) killed 1,229 people in 2014, as against the 63 it killed in 2013. Pastors who use the pulpit to bear false witness that Buhari started Fulani Herdsmen as an Islamic agenda to wipe out Christianity needs to beg God for forgiveness.

According to GTI, 2015 figures of insurgent attacks in Nigeria showed transitional moderate decline. Sixth Report on Violence (2016) also showed the monthly statistics trend for 2015:
January – 1,926
February – 2,561
March – 1,674
July – 1,978
December – 1,326

2017 GTI results showed death caused by terrorism dropped by 13% between 2015 & 2016. Nigeria, which recorded highest global increase in 2014 has the highest global decrease in 2016 with 3,100 fewer people killed compared to 2015, representing 80% reduction.

Most international terrorism reports converged concurrently with 2017 GTI Results on Nigeria and it’s @HQNigerianArmy and @NigAirForce
efforts that, “Nigeria recorded its second consecutive year of reduction with 63% drop to 1,832 deaths from 7,512 killed in 2014” under PDP.

The success of @AsoRock were painted in glowing colours for 2016 stating: “Nigeria saw the biggest decrease in deaths from terrorism in 2016. Deaths dropped by 63% from 4,940 in 2015 to 1,832. This is a further decline from the peak in 2014 when over 7,512 people were killed.

Many international reputable sources stated Boko haram killed over 12,000 people in Nigeria through coordinated attacks between 2013 and 2015. However, the figure dropped steeply to 762 deaths in 2016. This significant decrease coincided with successful @AsoRock actions.

Fellow Nigerians, the rude shocker and most beautiful part of my findings is @MBuhari Military Spending for 2016, when it achieved global most significant reduction of terrorism, is lesser than d spending in 2014 when Nigeria broke world record with d highest terrorism deaths.

So basically, the more PDP increased Nigeria’s military spendings, the more Boko haram killed more people and was planting its flag in new territories within sovereign Nigeria. It was apparent where the money went. It was also apparent nobody was fighting Boko haram. Shame!!

If you are still in doubt why there’s so much poverty today, look at Defence Expenditure Percent of GDP from 2008 – 2014, and 2016 when the military achieved a lot:
2008 – 14.38
2009 – 15.47
2010 – 16.66
2011 – 17.36
2012 – 14.06
2013 – 13.38
2014 – 12.61
2015 – 11.11
2016 – 9.99

Apart from weapons contract $500Million awarded to Arthur Eze and Tompolo’s Warships supply to NIMASA, international media was awash with how SEI signed up for Nigeria six Mi-24 & Mi-35 helicopters from Dolarian for $25m each, which normal value was $5m each as stated in a court.

Some of us are asking why Buhari is doing things close to election period. The government started its first year 2015/2016 immediately curtailing Boko haram. It entered its second phase 2016/2017 battling recession. This 2018. When is he supposed to start #TraderMoni Eyin abunu?

In our recent past as a people, there was a president that hides inside Aso Rock on October 1 independence day, out of fear for Boko haram. My heart leapt when i saw the @NigAirForce air display on October 1, 2018 which i saw last as a child.

As @MBuhari is fighting Boko haram, he is building military infrastructure to a state of pride. @NigAirForce announced in June this year that @MBuhari has bought 18 aircrafts for it between 2015-2018, just 3yrs! But all some of you know is to open mouth like “na my dog kill aam.”

How is @MBuhari doing almost 35% less military spending than previous govts and he’s achieving better results? @HQNigerianArmy stated unknowingly to us, d Army is manufacturing the weapons its using in the N-East locally. @NigAirForce is also reviving its old aircrafts same way.

On herdsmen @NigAirForce is opening Quick Response Wing across middle belt, asides @HQNigerianArmy FOBs. Yet @MBuhari is bailing out states for salaries. He’s paying pension. He’s building Fx reserves, roads, rails. If we miss it in 2019, our children will meet d suffering. Bye!



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Excitement As Osinbajo Takes Trader Moni To Ikotun, Igando, Ile Epo Markets

Three markets in Lagos State, Ikotun, Igando and Ile Epo, were on Monday thrown into frenzy as Vice President, Prof. Yemi Osinbajo, activated the TraderMoni scheme in the markets.

TraderMoni is a Federal Government’s initiative aimed at providing two million petty traders across the country with collateral-free loans before the end of the year.

Excited crowd thronged and cheered as Osinbajo walked into the markets.

Shouts of TraderMoni, TraderMoni, ‘baba’ ‘baba,’ Osinbajo Osinbajo, rented the air, while security operatives had a field day controlling the crowd.

The vice president, who acknowledged the cheers, inspected the markets and had one-on-one interactions with the traders.

Also in the team was Daddy Showkey, a “galala singer’”, whose presence  added fervour to the visits as his fans hailed and surged to exchange banters with him.

TraderMoni is designed to help petty traders expand their trade through the provision of collateral-free loans of N10, 000.

The loans are repayable over a period of six months

Under the scheme, beneficiaries can get access to a higher facility ranging from N15, 000 to N50, 000 when they repaid N10, 000 within the stipulated time period.

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Attack On Tradermoni Is An Attack On Hard-working Nigerians, Says Laolu Akande

The call by some individuals under the auspices of a group named Southern and Middle Belt Leaders Forum to suspend the TraderMoni, one of the microcredit schemes of the Buhari administration’s Social Investment Programme, is both unbelievable and unfortunate, according to Mr. Laolu Akande, Spokesperson to the Vice President.

Akande, who was reacting to news report credited to the group, noted that such an attack on the Social Investment Programme (SIP) is a direct confrontation with the millions of Nigerians benefitting from all the SIPs, especially the projected 2m total who will be receiving the collateral-free loans by the end of the year.

“It is deceitful for anyone or group to accuse the Vice President Yemi Osinbajo, SAN, of advance vote-buying through TraderMoni, a micro-credit scheme designed to assist the bottom of the pyramid petty traders nationwide. This was the false claim contained in a communiqué jointly signed by the leadership of a group called Southern and Middle Belt Leaders Forum recently.”

According to Akande, the Senior Special Assistant to the President on Media & Publicity, “We do not think the Nigerian people are up for sale, nor can they be bought. Such suggestions are an insult on our collective identity. And calling for the suspension of a scheme that improves the businesses of ordinary, hardworking Nigerians, like petty traders, is not only unfair, but an attack on the common man.

“The Social Investment programme of the Buhari administration started in 2016, and the TraderMoni scheme is a part. So, it is false to even insinuate that the scheme was meant for advance vote-buying when it was conceived two years ago.

“TraderMoni, which is part of the Government Enterprise and Empowerment Programme (GEEP) under the SIPs, is designed to assist petty traders across the country expand their trade through the provision of collateral- and interest-free loans from N10,000. The loans are repayable over a period of six months.

“Also, it would seem naysayers cannot withstand the fact that this administration is fulfilling its promise. Would they rather share the funds among themselves instead of supporting petty traders? Afterall, in some few instances, a combined sum of N100 Billion was shared under the former administration. If that N100 Billion had been given to petty traders as loans, like the Buhari administration is doing now at N10,000; 10 million petty traders nationwide would have been beneficiaries.

“We will not choose to engage with the notion that Nigerians and their loyalty are for sale. This administration has proven over and over again that it is committed to the welfare of everyday Nigerians, the common man. That is why we started the largest Social Investment Programme in the history of our country. And we will not relent in staying connected with our people.

“This is a major reason why TraderMoni, which has since been formally launched in 33 states and the FCT, will continue nationwide as we intend to reach 2 million Nigerians by the end of the year. Over 809,000 Nigerians are currently beneficiaries of the microcredit scheme.

“Despite this being a season of upcoming elections and desperate politicians resorting to desperate measures, it is irresponsible for any group to play politics with the welfare of ordinary Nigerians – hardworking petty traders, who are simply making honest living and trying to support their families – and a microcredit scheme which is meant to help improve their businesses and means of livelihood.

“Besides the fact that petty traders are major contributors to the informal economy, most of them do not have access to loans from commercial banks which require collateral or interest, which would help them grow their business, and so the country’s economy.”

“Again, through TraderMoni, the Buhari administration is empowering ordinary Nigerians by improving financial inclusion in the grassroots.”

Akande clarified further that beneficiaries of TraderMoni are not required to show their Personal Voters Cards (PVCs) or any document to qualify for the interest-free loans. This is why the enumeration is done in the open markets and wherever the traders ply their trade.

“The Social Investment Programme includes the Home Grown School Feeding Programme (HGSFP); Conditional Cash Transfer (CCT); Government Enterprise and Empowerment Programme (GEEP) (MarketMoni, FarmerMoni & TraderMoni) and the N-Power job scheme

“The Home-Grown School Feeding programme is now feeding over 9 million primary school pupils a free meal a day in 26 states nationwide; while almost 300,000 Nigerians are beneficiaries of the Conditional Cash Transfer.

“So far, over one million Nigerians are beneficiaries of GEEP schemes – MarketMoni, FarmerMoni and TraderMoni, while 500,000 young Nigerian graduates have been employed under the N-Power job scheme.

“Thus, we urge the group to halt its needless attack on the largest and most ambitious social investment programme in Nigeria’s history, and rather join hands to help our people.

“The Buhari administration remains committed to the welfare and upliftment of the common man and all Nigerians, regardless of party affiliations, and the Social Investment Programme is one of the major planks of this administration to improve their livelihood.”

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Group Replies PDP On Trader Moni, Says Nigerians Not For Sale

A political group in Nigeria has rejected the main opposition party’s claim on Trader Moni, a Social Investment Programme (SIP) initiated by the Buhari government.

Reacting to the claims of PDP, Sunday Akinloye, chairman of the Initiative to Save Democracy (ISD) explained that Nigerians are not for sale at any price.

He noted that because the PDP is a heavily corrupt party, its sees any money transaction as a bribe-giving relationship. “The PDP must note that Nigerians are wiser now and are not for sale. The Trader Moni scheme is very laudable as it has reached close to one million Nigerians.

Akinloye noted that the All Progressives Congress led government does not believe that Nigerians can be bought but instead they have dedicated their service towards the betterment of the people. “The traders who accessed Trader Moni early are already paying back the loan. Nigerians must know that these loans are tied to Bank Verification Numbers and must be repaid.

“The traders were not even asked for their Permanent Voters Card as claimed by the PDP. All you need to be eligible is to be a petty trader.

“The PDP merely reflects their kind of corruption-minded politics which failed to benefit the people for 16 years. They are bitter that they added no real value to Nigerians and will do anything to pull down a good government.

Akinloye explained that while there are so far over 809,000 beneficiaries of TraderMoni, over 1.1 million Nigerians – market women, traders, artisans, farmers – are currently beneficiaries of Government Enterprise and Empowerment Programme (GEEP), which comprises FarmerMoni, MarketMoni and TraderMoni.

FarmerMoni loans start at N300,000 and are for farmers in farming clusters, via farm aggregators, while MarketMoni is a 6-month interest-free credit of between N50,000 and N300,000 for small businesses – medium-scale traders, market women, artisans, and youth in market associations – under the auspices of their cooperative societies.

Under the TraderMoni scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N100,000 when they repay N10,000 within the stipulated time period.

“PDP are insulting Nigerians by suggesting that our people are for sale,” Akinloye stressed, “No amount is good enough, our people’s right to choose their leaders is priceless, let PDP stand on their own record and stop this abuse of our collective identity,” he added.

He then went on to explain that TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP), is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000. The loans are repayable over a period of six months.

The scheme, which has since been formally launched in 33 states and the FCT, is expected to reach 2 million petty traders by the end of the year,

Also, through TraderMoni scheme, the Buhari Administration aims to take financial inclusion down to the grassroots, and uplift Nigerians at the bottom of the pyramid, considering the contribution of petty traders to economic development.

The Federal Government is also aware of the fact that many of the petty traders don’t have what the commercial banks require to grant them loans.

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TraderMoni Beyond Petty Politics, Busy Body 2019 Elections,? By Akinloye James?

Some  Nigerians have wrongly claimed that the Trader Moni train travelling across the country is designed to induce voters ahead of the 2019 election, in some cases, like we saw in Osun, they believe that the scheme was designed to influence the governorship election holding on 22 September.

But a critical look at the scheme shows that all those politicizing the scheme got it wrong. Firstly, Trader Moni is a ‘Federal Government’ empowerment programme to alleviate poverty in Nigeria by empowering traders and artisans. It was conceived in 2016, three years before the general elections in 2019.

Secondly, Permanent Voters Cards (PVCs) are not required to benefit from the scheme. This means it’s immature and poorly thought for anyone to describe it as vote buying. There’s no certainty that the beneficiaries have PVCs or will vote, so how does it translate to vote buying?

“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,” said Laolu Akande, the spokesperson to Vice President Yemi Osinbajo.

Many of these people forget that Trader Moni is a loan. They often think its free money, but you can’t blame them, they are used to freebies from previous administration.

With this microcredit scheme, petty traders get LOANS that are interest and collateral free but not FREE money.Afterthe loans are repaid, they become eligible to access more loans.

Thirdly, talking of the train stopping by Osun, Trader Moni train has a timeline and that included Osun. The traders had been briefed and they were expectant and that is what government is all about, serving the people.

There are some that are of a different school of thought. They claim N10,000 is too small to start a business but they are totally naïve. For those who watch CNN, perhaps you might have had the chance to see Richard Quest’s advert, it simply says, “It Begins with ‘Just a Penny’ in CNN’s ‘Quest Means Business”.

We’ve heard stories of big businessmen and women who started very little and became household names. Take a second and look at hawkers on some of Nigeria’s major roads and you’ll realise that many of them require far less than N10,000, but still they jump onto the streets and start chasing after cars.

If these hawkers get N10,000 collateral and interest free loans, they will be off the street and on to better things. With N10,000 you could get a stall and start selling fruits, vegetables, food items, etc.

Here’s an interesting fact about microcredit scheme like Trader Moni. Globally, the Services sector contributes a whopping 75% of the global GDP and overall employment. In other words, the Services sector contributes more to world leading economies than oil and agriculture combined.

In India, microcredit schemes are the most powerful engine of the country’s growth, accounting for the swelling numbers in the Service sector but in Nigeria, it’s seen as a political tool.

Trader Moni has been launched in Kano, Abia, Akwa Ibom, Katsina, Osun, Abuja, FCT, Kogi and Cross River. Hopefully we will learn not to politicise issues that are of utmost importance to many who need them.

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