Iyaloja Funds: FG N75bn interest-free loan for traders
According to Dr Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, the Government Enterprise and Empowerment Programme will provide a non-interest loan of N50,000 to 1.5 million market women. This initiative aims to enhance their capital base and expand their businesses at no additional cost.
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As per her statements, the Minister mentioned that the Iyaloja Fund, a financial support program of N75 billion specifically designed for impoverished market women traders, is scheduled to be officially launched on October 17.
The Minister made an announcement in Abuja during a visit to the Minister of Information and National Orientation, Mohammed Idris. She revealed that the program would be implemented in three phases, with the first phase set to benefit 500,000 individuals.
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She explained, “We are commencing with the GEEP Programme right away, which includes the Iyaloja Funds for market women, the Jaga Funds as a capital fund for traders, and the Farmers’ Money known as the Hugo Fund. The Farmers’ Money will be provided to the most vulnerable farmers to support them in the upcoming farming season.”
She further elaborated that the Iyaloja Fund aims to assist impoverished market traders by increasing their capital and expanding their businesses. These funds will be disbursed as non-interest loans to the eligible individuals.
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Edu emphasized that President Bola Tinubu’s administration remains dedicated to combating poverty through its comprehensive eight-point agenda. As part of this commitment, the government announced the Conditional Cash Transfer program, which will provide N75,000 in three installments to support 15 million households, benefiting approximately 62 million individuals.
Additionally, the Federal Government has implemented various other initiatives to support vulnerable groups. One such program is N-Power, which offers employment opportunities to the unemployed within their communities. Moreover, there are several other programs in place, such as the Renewed Hope Shelter, which aims to provide shelter to the poor, internally displaced persons, and refugees.
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“The minister explained that this particular program differs from those where contracts are awarded for house construction. Instead, communities will take charge of building their houses themselves. The government’s role is to provide the necessary support and create an enabling environment. The communities are expected to utilize locally sourced materials, including furniture, for constructing the houses,” the minister stated.
She appealed for the support of the Minister of Information in spreading awareness about the program, particularly through the National Orientation Agency. They will play a vital role in informing communities about the initiative and assisting in identifying the most vulnerable individuals for inclusion in the National Social Register, which is currently undergoing verification.