By Jimitota Onoyume
FEDERAL government has flagged off its Trader Money loan scheme for traders in Warri, Delta state. Vice President Professor Yemi Osinbajo who spoke on the scheme when he paid a courtesy visit on the Olu of Warri, Ogiame Ikenwoli, at his palace yesterday said he was in the town for the exercise, adding that the first phase will be for traders in two markets.
He said a total of 2 million traders will benefit from the exercise, explaining that they will be given ten thousand naira repayable loan. He said when they pay back the loan it will be stepped up to 20,000 until it gets to 100,000 for the traders.
“Trader money scheme is why I am here to flag it off. We have looked at the commercial landscape. The more traders , are petty traders. Mr President decided to give them 10,000 as loan and as they pay back it will be raised to 20,000 until it gets to 100,000.
It’s a way to empower the people. We ( federal government ) are confident the scheme is good for our people. Two million traders are in the first phase and we will expound it. It is what we are doing at the national scale “, he said.
He said the exercise will take off for traders first at the Warri market, adding that enumerators will be on ground in the oil rich city till January.
He said the exercise will also commence in Ughelli by January next year, adding that the benefiting traders will open bank accounts.
“We are going to be at the Warri market today and in January we will start in Ughelli. The enumerators will be here till January”, he said.