Connect with us

News

FG lists 98,000 Nigerians for interest-free loans

Published

on

The Federal Government has selected 98,000 Nigerians for interest-free loans in the country.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, disclosed this in a statement issued by her Special Assistant on Media, Nneka Anibeze, on Wednesday in Abuja.

The loans, according to Farouk, range from N50,000 to N300,000.

She said the loans were given as part of the federal government’s Enterprise and Empowerment Programme 2.0 nationwide.

The minister said: “The GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and give credit access to the poor and vulnerable individuals including persons with disabilities.

READ ALSO: 95.1m Nigerians to slip into extreme poverty by end of 2022, World Bank predicts

“It also covers persons at the bottom of the economic pyramid, who are engaged in small scale commercial activities under its three flagship schemes.

“These three flagship schemes are MarketMoni, TraderMoni and FarmerMoni.

“Tradermoni targets uplifting under-privileged and marginalised youths aged between 18 and 40 years in Nigeria by providing them with loans of N50,000.

“MarketMoni targets underprivileged and marginalised women aged between 18 and 55 years like widows, divorcees among other vulnerable groups and they get interest-free loans of N50,000 payable within six to nine months.

“While FarmerMoni is for Nigerian farmers aged between 18 and 55 years in rural areas that operate in the agricultural space.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations