NIGERIA’S Vice President, Professor Yemi Osinbajo, has launched the Federal Government Traders Moni Scheme in major cities of Delta State, starting from Warri.
He arrived Warri on Friday afternoon, after being received on arrival at the Osubi airstrip by the state Deputy Governor, Kingsley Otuaro, alongside the immediate past governor of the state, Dr Emmanuel Uduaghan as well as Chief Great Ogboru, the governorship candidate the All Progressives Congress (APC).
The VP, thereafter, paid a courtesy visit to the Olu of Warri, Ogiame Ikenwoli at his palace to inform him of the purpose of his visit to the state.
The Vice President was accompanied by Minister for State, Petroleum Resources, Dr Ibe Kachikwu, to the state.
Osinbajo, while speaking at the palace of the Olu of Warri, Ogiame Ikenwoli, explained that the scheme was targeted at petty traders who required little to run their businesses.
According to him, the beneficiaries would be given N10,000 each as a loan to be refunded.
“We looked at the whole commercial scale of Nigeria and observed that the largest number of people engaged in commerce are the petty traders that required little start-up capital between N2,000 and N5,000.
“We then felt it will be better to give these traders N10,000 as loans to be paid back.
“Once that is done, we give them N15,000 each and keep increasing it so long they pay back.
“The scheme is designed to elevate those people at the lower ladder. I strongly believed that this is the right thing for our people, a way of empowering them.
“The enumerators will be here till January 2019 to ensure that the petty traders are captured,” he said.
He said the Federal Government also had the “Money Market Scheme” for the senior traders.
The traders in this category, he disclosed would be given between N100, 000 and N350, 000.
He added that the beneficiaries would be guided to ensure they achieved their objectives.
Earlier, the VP said the Federal Government had embarked on different developmental projects in Delta to boost the economy of the state and the country at large.
“We have been able to fulfil some of those promises we made particularly the Maritime University, though there are still issues to be resolved but we have established it.
“We have established one modular refinery and other three are on the pipeline.
“The dredging of the Escravos bar which will open up the Warri port and it will be a big boost to the state particularly the young men and women looking for opportunities.
“Also, the Export Processing Zone (EPZ) is being executed by the Niger Delta Development Commission (NDDC), all these projects will enhance the economy of the Itsekiri kingdom,” he said.
The Olu of Warri, who spoke through Mr Dickson Kpori, one of his chiefs, urged the Federal Government to ensure that the scheme succeeds in Warri.
After kicking off the scheme at the popular Warri Main Market, Osinbajo and his entourage proceeded to Ughelli and Asaba, the state capital for the same purpose.
Trader Moni Scheme is a Federal Government initiative aimed at providing two million petty traders across the country with collateral-free loans before the end of the year.
The scheme has been widely criticised by the opposition People’s Democratic Party (PDP) which accused the VP of deploying money meant for the entire country to campaign for votes ahead of the 2019 general elections.
The party also accused the VP of sharing the loan to APC cronies across the country.
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