Laolu Akande who is the Senior Special Assistant to the Vice President on media and Publicity, Vice President Yemi Osinbajo a few hours ago, explained why the President Muhammadu Buhari’s administration is supporting Nigerian petty traders with N10, 000 collateral free loans.
Laolu Akande making this clarification after some criticism from the opposition, said President 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.
He said for Nigerians to qualify for the microcredit scheme which is 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 Laolu 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 has commenced in 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 has now been launched in eight States including the FCT would be extended to more States including Oyo, Cross Rivers, and Kaduna States this week.
Already the micro-credit scheme has been introduced in the following States