Beneficiaries of ‘Trader Moni’ unwilling to repay loans – NSIP

Kwara State government replicated the state's youth empowerment program, codenamed K-Power, to avoid throwing beneficiaries into the labor market after exiting N-Power
199
Trader Moni Beneficiaries

'Trader Moni' Beneficiaries, one of the projects of the National Social Investment Program of the Federal Government aimed at reducing poverty in Nigeria, are reluctant to repay the loan.

This was reported Wednesday by the NSIP's Kwara State Focal Person, Hajia Bashirah Abdulrazaq-Sanusi.

Abdulrazaq-Sanusi said about 10,000 people in the state have benefited from the "Trader Moni" initiative with over N1.3bn disbursed to them.

But she regretted that the people didn't want to repay the loan.

“Poor masses are not ready to repay the loan after collection because of the attitude of Nigerians to anything from the government, thinking it is national cake. Also, those that disbursed the money do not have records of beneficiaries like phone numbers and addresses, thus, making it difficult to track them for repayment,” Abdulrazaq-Sanusi said.

She clarified that the program was designed to provide soft loans to boost small-scale enterprises in the markets and was flagged off by Vice President Yemi Osinbajo in 2019 to support women with N10,000 as soft loans to be paid back, after which they would enjoy the next N50,000 process.

Similarly, Abdulrazaq-Sanusi regretted that more than 15,000 N-Power Program beneficiaries displayed a lukewarm attitude towards the state government 's program of reabsorbing them into the MDAs.

Following the Federal government 's termination of the N-Power Program in July this year, she said the Kwara State government replicated the state's youth empowerment program, codenamed K-Power, to avoid throwing beneficiaries into the labor market after exiting N-Power.

© LIVE updates, Latest headlines, Breaking news, Top Stories, Trending topics, Nigerian Newspapers - The Gazette Nigeria 2020

Published by NINCHI Services Limited

Proudly powered by Extrigs! Pye.