The Federal Government has mapped out N10 billion as Trader Moni to petty traders and artisans in the 2020 fiscal year.
The trader moni is part of the social intervention programmes under President Muhammadu Buhari led administration, supervised by the Vice President of Nigeria, Prof Yemi Osinbajo.
This approved #10bn trader moni is in the 2020 budget signed into law on Monday by President Muhammadu Buhari.
The Federal Government, through the Bank of Industry (BOI) provides interest free and collateral free loan to petty traders and artisans, under the Trader Moni micro credit scheme.
The trader moni loan ranges from N10, 000 to N100,000 per beneficiary.
The first grant is #10,000.00. After paying that amount within a 6 months period, an individual can reapply and be eligible for a maximum loan of #100,000.00.
This means that the minimum amount that can be loaned to an individual at first instance is #10,000 and maximum at later instance after paying the first is #100,000.