Iyaloja Funds: FG offers traders an interest-free N75 billion credit.
Iyaloja Funds: FG offers traders an interest-free N75 billion credit. The Government Enterprise and Empowerment Programme, according to Dr. Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, will make a non-interest loan of N50,000 to 1.5 million market women available. The goal of this program is to increase their financial base and encourage cost-free business expansion.
According to the Minister’s remarks, the official inauguration of the N75 billion Iyaloja Fund—a financial assistance initiative created especially for underprivileged market women traders—is set for October 17. While visiting Mohammed Idris, the Minister of Information and National Orientation, in Abuja, the Minister issued a statement. She disclosed that the program would be carried out in three stages, with the first stage intended to assist half a million people.
“We are starting the GEEP Program right away, which includes the Farmers’ Money known as the Hugo Fund, the Jaga Funds as a capital fund for traders, and the Iyaloja Funds for market women,” she clarified. The most vulnerable farmers will get farmers’ money to help them through the next crop season.
She went on to say that the Iyaloja Fund wants to help poor market merchants by giving them more money to grow their companies. The qualified persons will receive these monies in the form of interest-free loans.
Through its extensive eight-point program, Edu stressed that President Bola Tinubu’s administration is still committed to eradicating poverty. In keeping with this pledge, the government unveiled the Conditional Cash Transfer program, which will help 15 million households (about 62 million people) by disbursing N75,000 in three installments.
The federal government has also put in place several other programs to assist marginalized communities. N-Power is one such program that gives jobless people access to local work prospects. In addition, several other initiatives are in existence, such as the Renewed Hope Shelter, which attempts to house refugees, internally displaced people, and the impoverished.
In contrast to other programs where contracts are given out for building houses, the minister clarified how this one works. Communities will instead be in control of constructing their own homes. The job of the government is to foster an environment that is supportive and necessary. The minister said, “The communities are supposed to build the houses using materials that are found locally, including furniture.
She pleaded with the Minister of Information to help publicize the initiative, especially through the National Orientation Administration. They will be essential in educating communities about the project and helping to identify the most vulnerable people to be included in the National Social Register, which is presently being verified.