TRADER MONI: OSINBAJO REPLIES CRITICS
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| Prof. Yemi Osinbajo, Nigeria's vice president. |
The scheme was one of a couple of others the federal government had set up to arrest the slide of indigent Nigerians further below the poverty line, as explained by the federal at its introduction.
During the period leading to the 2109 presidential elections in Nigeria in which the vice president and his principal, Muhammadu Buhari participated in their reelection bid, the vice president had gone round sections of the country, giving out N10,000 worth of loan to petty traders as disbursement of the micro credit. This gesture had generated condemnation from the opposition as a vote buying gimmick.
However, the vice president in a seeming response to those criticizing the disbursement, has noted in a tweet on his official twitter handle, @ProfOsinbajo, that Trader Moni was a distinct loan product under the Social Investment Programmes that sought to boost the informal sector by enumerating and empowering traders with loans. With Trader Moni, according to him, President Muhammadu Buhari's administration was expanding financial inclusion for its citizens.
“Trader Moni is a distinct loan product under the Social Investment Programmes that seeks to boost the informal sector by enumerating and empowering traders with loans. With Trader Moni, President Muhammadu Buhari's administration is expanding financial inclusion for its citizens.”
He cited the case of the earlier disbursements in Enugu, southeast Nigeria, where he said that the testimonies from beneficiaries had further demonstrated the success of the scheme.
“In Enugu State, it was heartwarming to hear the testimonies of Nigerians who have been previously overlooked but who contribute immensely to the Nigerian economy. All Nigerians matter and this administration is committed to proving that,” he wrote in another tweet.
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