The Buhari Administration says it intends to use the programme to reach out to more Nigerians at the grassroots.
More than 30,000 citizens from Oyo state are expected to benefit from this scheme.
Vice President Yemi Osinbajo made this promise at the Gbagi market in Ibadan during an assessment visit to verify the effectiveness of the free loans to petty traders.
He emphasised government’s determination to lift more Nigerians out of poverty.
It’s work in motion, the federal government seems determined to tackle poverty headlong. The trader money initiative is one of such initiatives.
The programme is designed to help petty traders expand their trade through the provision of collateral-free loans of N10,000. The loans are repayable within a period of six months.
Vice President Yemi Osinbajo is at the popular gbagi international market visited the gbagi market to gauge the impact of the scheme.
Under the scheme, beneficiaries can access a higher facility ranging from N15,000 to N50,000 when they repay N10,000 within the stipulated time period.