TraderMoni: FG advises Nigerians to report illegal deductions

The Federal Government has called on Nigerians to report cases of illegal deductions in the ongoing TraderMoni scheme once they experience any.

Launched earlier this year as part of President Muhammadu Buhari administration’s social investment programme, small-scale business owners under TraderMoni are given a loan of N10,000 to boost their investments.

They are to repay the money under a flexible plan within a period of six months.

However, a report by Saturday PUNCH on December 15 titled: “FG’s TraderMoni scheme enmeshed in fraud allegations, illegal deductions”, had shown how some agents assigned by the government to disburse the funds to market men and women were ripping beneficiaries off by deducting N2000 from the original N10,000.

Reacting to the report on Friday, the FG advised traders not to allow any agent to deduct money from the loan, describing the practice as fraudulent and unacceptable.

In a statement, the government said, “Our attention has been drawn to a publication in PUNCHnewspaper of Saturday, December 15, 2018, titled: “FG’s TraderMoni scheme enmeshed in fraud allegations, illegal deductions.

“TraderMoni is a collateral-free micro-credit facility of the Federal Government of Nigeria, in partnership with the Bank of Industry.

“As one of the three major funding programmes under the Government Enterprise and Empowerment Programme of this administration’s Social Investment Programme, TraderMoni is designed to assist petty traders across the country to expand their trade through the provision of collateral and interest-free loans from N10,000.”

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