Iyaloja Funds: FG earmarks N75bn interest-free loan for traders
According to the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, the Federal Government will provide a non-interest loan of N50,000 to 1.5 million market women as part of the Government Enterprise and Empowerment Progamme to help them increase their capital and grow their businesses.
She claims that on October 17, the N75 billion market women fund, also known as the Iyaloja Fund for underprivileged market women traders, will be unveiled.
The scheme would be executed in three parts, with 500,000 people expected to benefit from the first phase, the minister said in Abuja while visiting Mohammed Idris, Minister of Information and National Orientation.
We’ll get started with the GEEP Program right now since we have Iyaloja Funds, which are the equivalent of Market Women Money. We have Farmers’ Money, also known as the Hugo Fund, and the Jaga Funds, a capital fund for traders. The poorest farmers will receive Farmers Money so they can start the following growing season.
Poor market women traders will receive assistance from the Iyaloja Fund, which will also help them increase their capital and grow their companies. These are interest-free loans provided to these people.
Edu claimed that by introducing the Conditional Cash Transfer of N75,000 in three tranches to benefit 15 million households, or 62 million people, the administration of President Bola Tinubu has reaffirmed its commitment to combating poverty through the eight-point plan.
She claimed that in addition to these programs, the Federal Government also ran several others, such as the Renewed Hope Shelter, which offered shelter to the needy, IDPs, and refugees, as well as grants to vulnerable groups under the N-Power program, which creates jobs for local unemployed people.
This program is not the one where you hire individuals to build houses under contract. The communities will construct their own homes. We would merely create the favorable climate. The furnishings within the house is also intended to be sourced locally, as is everything else they will need to create the house, the minister said.
She requested the Minister of Information’s assistance in promoting the program, in particular the National Orientation Agency, so that she could be involved in gathering information from the locals and adding the poorest of the poor to the National Social Register, which is currently being verified.
