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98,000 Nigerians to get FG’s interest-free loans

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FEDERAL Government says it has concluded plans to give interest-free loans to 98,000 beneficiaries of its Government Enterprise and Empowerment Programme (GEEP 2.0) nationwide.

  Beneficiaries of the empowerment programme would repay the loan within nine months.

  A statement issued in Abuja, yesterday, by Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq through her Special Assistant on Media, Nneka Anibeze, said federal government arrived at the decision following final verification of Phase 1 applicants.

  According to Umar-Farouq, beneficiaries will get small loans ranging from N50,000 to N300,000 after receiving congratulatory and sensitisation text messages in the coming days informing them of their qualification.

  “The GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and give credit access to the poor and vulnerable individuals including persons with disabilities. It also covers persons at the bottom of the economic pyramid, who are engaged in small scale commercial activities under its three flagship schemes. These three flagship schemes are MarketMoni, TraderMoni and FarmerMoni while Tradermoni targets uplifting under-privileged and marginalised youths aged between 18 and 40 years in Nigeria by providing them with loans of N50,000. MarketMoni targets underprivileged and marginalised women aged between 18 and 55 years like widows, divorcees among other vulnerable groups and they get interest-free loans of N50,000 payable within six to nine months. While FarmerMoni is for Nigerian farmers aged between 18 and 55 years in rural areas that operate in the agricultural space,” she explained.

  The minister said that these farmers were provided with loans of N300,000 for farm inputs, adding that the scheme had 12 months including three months moratorium and nine months repayment period.

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