Economy Osun

FG Injects N300m Into Osun Micro Economy

FG Injects N300m Into Osun Micro Economy
  • PublishedSeptember 7, 2018
  • Osinbajo Launches ‘Trader Moni’

By Ismaeel Uthman

The economy of Osun has received a boost, as the Federal Government injected a sum of N300million into the state’s micro economy with an empowerment programme for 30, 000 petty traders in the state. 

Vice President of Nigeria, Prof Yemi Osinbajo launched the ‘Trader Moni’ empowerment programme, aimed at giving 30, 000 petty traders a sum of N10, 000 each as soft loan in Iwo on Monday.

Launching the programme in Iwo, Osinbajo reinstated the commitment of President Muhammad Buhari’s administration to alleviating poverty and empowering the less privileged in the country.

Osinbajo stated that petty traders have highest number in the economic structure of the country, maintaining that the current administration will continue to support the masses to enhance their living standard and ensure that life is abundant for them.

According to Osinbajo, the government of the All Progressives Congress at the federal level is determined to support all hardworking masses and petty traders, saying that they also deserve to build house, buy cars and do good things in life.

Speaking at the event, Governor Rauf Aregbesola of Osun,  said the APC governments at both Federal and state level are concerned about the welfare of the less privileged in the country, noting that no government in Nigeria had shown passion to alleviate poverty like that of the APC.

Aregbesola stated that the socio-security programme embarked upon by his administration are borne of the need to alleviate poverty in the state and make life meaningful to the masses.

The Governor informed the general public that the ‘Trader Moni’ empowerment programme has nothing to do with politics, saying everybody, irrespective political affiliation is entitled to the loan.

On the September 22nd governorship election in the state, Aregbesola urged members of the APC who had defected to come back to the party, saying ‘a big position has been reserved for them if they return on time.’

The governor declared that spot patching and other maintenance would begin on all deplorable internal roads in Iwo in some days to come.

In her address, the Executive Director, Bank of Industry, Mrs Toyin Adeniji disclosed that more than 10,000 petty traders have been registered so far in Osun for the empowerment.

According to Adeniji, each of the 30, 000 beneficiaries is being given N10, 000 loan with six months payment duration and N250 interest, adding that after the repayment, the beneficiary will be given N15,000 loan with N375 interest for six month duration.

Upon payment of the N15, 000, the beneficiary will be given N20, 000 with N1000 interest and from there to N60,000, she said.

Speaking, the Oluwo of Iwo, Oba Abdulrasheed Olawale Akanbi expressed his delight on the launching of the programme in his town, urging the beneficiaries to make good use of the money.

Oba Akanbi said the ‘trader moni’ would go a long way in wealth creation and reduction of poverty in the state, commending the President Buhari led administration for considering and empowering the masses.


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