Iyaloja Funds: FG N75bn interest-free loan for traders

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, announced the Federal Government’s plan to provide non-interest loans of N50,000 each to 1.5 million market women through the Government Enterprise and Empowerment Programme.

This initiative aims to enhance the capital base of women in the market and facilitate the expansion of their businesses. The N75 billion Iyaloja Fund, designated for impoverished market women traders, is set to be launched on October 17.

Dr. Edu outlined the program’s implementation in three phases, with the first phase targeting 500,000 beneficiaries. The program encompasses various funds, including the Iyaloja Fund for market traders, the Jaga Fund for traders’ capital, and the Farmer’s Money (Hugo Fund) to support farmers in upcoming farming seasons.

She emphasized that these funds consist of non-interest loans, providing vital financial support to beneficiaries.

Dr. Edu reiterated the commitment of President Bola Tinubu’s administration to combat poverty through initiatives such as the Conditional Cash Transfer, which will benefit 15 million households, equating to 62 million individuals.

Additionally, the Federal Government implements programs like grants for vulnerable groups under N-Power, providing employment opportunities for the unemployed, and initiatives like the Renewed Hope Shelter, aimed at providing housing for the poor, internally displaced persons, and refugees.

Dr. Edu highlighted the community-driven approach of the Renewed Hope Shelter program, where communities will construct houses with support from the government, using locally sourced materials.

She solicited the support of the Minister of Information in disseminating information about the program, particularly through the National Orientation Agency.

This collaborative effort aims to inform communities and facilitate the identification of the most vulnerable individuals for inclusion in the National Social Register, which is currently undergoing verification.

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