The presidency has spent over N2 billion in granting soft loans to over 200, 000 petty traders through the trader-money initiative, the former Senior Special Assistant to President Muhammadu Buhari on Social Investment Programme, Bar. Ahmed Ismaeel has stated.
Speaking to reporters in Kano during another batch of disbursement of the soft-loans, he warned the loan was not for free.
He urged the traders to put it into good use as a monitoring team is already on ground to ensure proper utilisation.
The event, which was organised with the Bank of Industry in collaboration with GEEP from the office of the Vice President, witnessed the proper screening of over 10, 000 petty traders from the two markets, including men and women who received N10, 000 each.
According to Ismaeel, the screening became necessary to guide against fraud and impersonation, as well as making sure that the loans get right into the hands of the actual beneficiaries.
He added the programme was a continuation of, “the market trader that was launched two years ago in some parts of the country.
“The Vice President has visited Kano. Our focus is to reach out to as many people as possible and the issue of recovery will not be difficult as strategies have already been put in place for that.
“But my belief is to give soft loans to petty traders for them to boost their small-scale enterprises.
“The essence also is for people to pay back such soft loans; and specify the process.
“When that is done the recovery process can be actualized. At least, over 5000 beneficiaries are in this Taurani market currently as we speak. This is also the case in Yankaba.
“Generally, before this progarmme today, Kano alone had over 183, 000 beneficiaries- men and women.
“But today, the figure has jacked up as we have been able to capture 200, 000 petty traders in four centres across the state. They all have benefitted from the disbursement of trader-money.”
Chairman of Taurani Market, Alhaji Suleiman Musa called on the beneficiaries to make good use of the loans, noting that the trader-money was not a jamboree as they should endeavour to pay back the loans so as to access higher loans in future.