The ‘Trader Moni’ scheme which is a federal government’s Social Investment Programme, was introduced to give interest free loans to petty traders in the State as was launched by the Vice President, Yemi Osinbajo who was in Bauchi State on Tuesday for the official taking off of the programme saying that Bauchi state was the 21st state in the country to benefit from the Federal Government’s intervention.
Under the scheme, the traders are expected to pay back the loan within 6 months after which they can be given another round of loan and after successful payment, it will be reviewed upwards periodically in order to make their businesses grow.
Some of the traders at Muda Lawal market who benefitted from the scheme spoke to our Correspondent saying that the loan will greatly help them boost their businesses just as they also called on the federal government to sustain and expand the initiative so that other traders can benefit.
They said the President Muhammadu Buhari-led federal government has shown that it has good intentions for all Nigerians especially in the area of employment generation and self-sustenance.
One of the beneficiaries, Abdullahi Ibrahim who sells sweet potatoes in the market said that he has been managing his business with the little capital he has saying that with this loan now, he hopes to expand his business which will yield him more profit to enable him to provide food for his family.
He said that: “I am very happy about this N10, 000 loans from the Federal Government because it will help me boost my business. I used to buy these potatoes using between N3, 000 and N4, 000 but now, with this money, I will be able to buy up to 3 bags to sell and my profit will triple. And from it, I’ll have enough to feed my family and solve other family issues.”
Abdullahi Ibrahim added that “This is a great initiative. We were actually expecting this government to do something like this for the masses because we voted for them with great expectations and we have started seeing the benefit.”
Another trader, Adamu Garba said this loan will help him double his profit saying that: “This is a very good help to us the petty traders because it will make our businesses grow. As you can see, I see tomatoes, onions and peppers, and by the time I add N10, 000 to this business, I’ll make twice the profit I make weekly.”
Adamu Garba also said that 6 months is too long a time to pay back the loan declaring that, “I am determined to finish paying this loan within 3 to 4 months time so that I can access the N15, 000 loans to also invest in my business.”
He further said that “this is a proof that President Muhammadu Buhari has us at heart and has good intentions for this country. We can only pray that he wins the election so he can continue with this good work he has started. For me, this loan is timely because it came at a time I was struggling to make ends meet but with this, I know things will improve a little bit better than they were before.”
He concluded that “I will invest this money, the whole of it into my business and I know that I will pay on time and also collect another one. The government should please continue with these interventions.”
As for Hafsat Aminu, another beneficiary of the scheme, she called on the Federal Government to increase the amount of the loan because according to her, “I got the money and although this is commendable the money is too small, it can’t do much.”
Hafsat Aminu added that “It cannot buy me another grinding machine but, I still thank God and President Buhari for the money. I’ll use it to buy another engine head” and expressed optimism that she will finish paying back the loan immediately and in order to be able to collect the N15, 000 promised to the traders who faithfully pay back the money.
A meat seller who gave his name only as Suleiman told our Correspondent that he was sure he will pay back the loan within the stipulated period saying, “I got this money today although it is not that much I will invest it in my business and I can assure you that it will yield profit for me.”
Suleiman added that “I will be paying back this loan little by little and within these 6 months, I will finish collecting another loan as they have promised us. We are really happy with this government because over 80 per cent of traders in this market got this money and they are excited about it.”
Suleiman then prayed that President Buhari returns for a second term as president “so that he can continue with these wonderful things he is doing for us in order to make life meaningful for us, the common people.”
and then