“Renewed Hope”: FG To Re-Introduce ‘Tradermoni’ Scheme Earmarks N50k Each for Beneficiaries

• The federal government has confirmed that it would re-launch its Tradermoni' scheme in November 2023
• The poverty alleviation scheme started in 2018 under the administration of ex-President Muhammadu Buhari and has been off the radar for a while
• Confirming this development, the Minister of Humanitarian Affairs and Poverty Alleviation, Mrs Betta Edu, said beneficiaries would get N50,000 each

FCT, Abuja - The Nigerian government has revealed that it would re-introduce the 'Tradermoni' scheme in November 2023, earmarking N50,000 for each beneficiary to support their businesses.

This development was confirmed by the Minister of Humanitarian Affairs and Poverty Alleviation, Mrs Betta Edu, who was a guest on Channels TV's prime time program 'Sunday Politics'.

It was gathered that the poverty alleviation scheme first started in 2018 and has been off the radar for a while.

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While confirming the re-introduction of the scheme, Mrs Edu said:

“Now, for the first set, which we are starting in November, we are selecting one big market per senatorial district. That is 109 markets, and we are going into the markets, capturing the traders in their shops in the markets."

Mrs Betta revealed that beneficiaries would not be selected along party lines or any social or personal interest group.

She stated that after the beneficiaries are selected from the various markets, a particular bank account would be open for them, and they will get paid directly from the Central Bank of Nigeria.

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However, she noted that these monies transferred to the beneficiaries are a one-off interest-free loan, and anyone who repays would be eligible for another loan.

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She, however, reiterated that the event is not a political tool and that the initiative solely emanates from the "Renewed Hope" mantra of the current administration.

Mrs Betta said:

"As we are starting, the Renewed Hope GEEP programme, we don’t have elections, we have Nigerians. Politics is over. We are facing governance. That’s what President Bola Ahmed Tinubu is all about.”

Why poverty alleviation is not yielding results in Nigeria, ex-lawmaker reveals

Meanwhile, hours after the administration of President Bola Ahmed Tinubu suspended the N-power poverty alleviation scheme, reactions began to flood in.

An ex-lawmaker of the House of Representatives, Hon Robinson Uwak, joined the train of commentators who reacted to this development.

Hon Uwak said there is a need to treat poverty alleviation schemes as a developmental policy rather than a charity project.

Source: Legit.ng