The Federal Government has stated that it has concluded plans to\u00a0give interest-free loans to 98,000 beneficiaries of its Government Enterprise and Empowerment Programme 2.0 nationwide.<\/p>\n
This was disclosed by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq in a statement by her Special Assistant on Media, Nneka Anibeze, in Abuja on Wednesday.<\/p>\n
Umar-Farouq said that this decision was reached following the final verification of Phase 1 applicants, who qualified and were selected to benefit from small loans ranging from N50,000 to N300,000.<\/p>\n
She further said that all the beneficiaries of GEEP 2.0 would receive congratulatory and sensitisation text messages in the coming days informing them of their qualification.<\/p>\n
According to Umar-Farouq, the money given to the beneficiaries of the empowerment programme is a loan and not a grant and must be repaid within nine months.<\/p>\n
\u201cThe 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.<\/p>\n
\u201cIt also covers persons at the bottom of the economic pyramid, who are engaged in small scale commercial activities under its three flagship schemes.<\/p>\n
\u201cThese three flagship schemes are MarketMoni, TraderMoni and FarmerMoni.<\/p>\n
\u201cTradermoni targets uplifting under-privileged and marginalised youths aged between 18 and 40 years in Nigeria by providing them with loans of N50,000.<\/p>\n
\u201cMarketMoni 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.<\/p>\n
\u201cWhile FarmerMoni is for Nigerian farmers aged between 18 and 55 years in rural areas that operate in the agricultural space,\u2019\u2019 she explained.<\/p>\n
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.<\/p>\n
\u201cAll qualified beneficiaries will soon receive their disbursement alerts. We wish to remind all qualified beneficiaries that this is a loan payable without interest.<\/p>\n
\u201cIt is not a grant or a government windfall. It is a soft interest-free loan that must be paid back within nine months,\u2019\u2019 she said.<\/p>\n
Umar-Farouq said that the Ministry was planning a roll\u2013out of the programme nationwide after which an enumeration exercise to capture beneficiaries\u2019 bio-data would take place.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Government has stated that it has concluded plans to\u00a0give interest-free loans to 98,000 beneficiaries of its Government Enterprise and Empowerment Programme 2.0 nationwide. This was disclosed by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq in a statement by her Special Assistant on Media, Nneka Anibeze, in Abuja on […]<\/p>\n","protected":false},"author":17,"featured_media":173069,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[32875,371,34563,10282,10281],"class_list":["post-173067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-empowerment-programme","tag-fg","tag-interest-free-loans","tag-nneka-anibeze","tag-sadiya-umar-farouq"],"yoast_head":"\n