Traders in the country have been advised to continue to subscribe to the Trader Moni, a Social Investment Programme of the President Muhammadu Buhari administration despite the allegation by the opposition that the scheme is a scam.
According to Professor Yemi Osinbajo Media Research Team on Friday, the intention of the Federal Government is to change the level of petty traders by providing continuous loan for petty businesses in order to grow the informal economy is sincere and transparent.
This reaction is sequel to the main opposition (PDP) alleging that the TraderMoni programmes is aimed at vote buying ahead of the general elections.
The statement read;
“The attention of the government has been drawn to a report published by an online medium, Sahara Reporters about corruption in the implementation of Trade Moni for mini petty traders. Trader Moni as being projected to sensitise and create awareness by present administration is to benefit our traders all over the country but being implemented by the Bank of Industry (BOI).
The online medium whose publisher is also a contender in the coming presidential election is largely bias and beclouded by sentiment and the urge to discredit the programmes of the Buhari-led administration in order to score cheap political points.
“The FG’s intention is to change perception of petty traders towards access to finance and to build capacity to access bigger loans in the future so as to grow the informal sector of the economy in a sincere, sustainable and transparent manner.
“The scheme is handled by Bank of Industry in partnership with clusters of registered cooperatives societies and registered agents across the country who are more or less close to known traders in these markets
“The present administration initiated the Trader Moni to boost the informal sector of the economy and build confidence in the systems as it were. Government has no hand in money disbursed as this is a sole process and guidelines set by BOI to its customers just like any other conventional commercial banks.
“We therefore want the general public to disregard floppy job by a biased network which cannot even verify its claim on any particular government aide or agents aiding corruption in such a global widely acceptable programme similar to that of India, China and Bangladesh among others to lift millions out of poverty.
“Trader Moni is a sincere policy of the government with visible success rate as over 2.3. millions have benefited and man would still benefit as enumeration are completed by experts across the country.”
