Tinubu approves N75bn interest-free loan to 1.5m market women

President Bola Ahmed Tinubu

Tinubu approves N75bn interest-free loan to 1.5m market women

The government of President Bola Tinubu will provide non-interest loans of N50,000 to 1.5 million market women as part of the Government Enterprise and Empowerment Program.

Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, revealed this during a courtesy visit to Mohammed Idris, the Minister of Information and National Orientation.

According to her, the N75 billion project will assist women in improving their capital and expanding their enterprises.

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Betta also revealed that the market women fund would be named the Iyaloja Fund for underprivileged female traders.

The minister also that the program would unfold in three phases, with the first set to benefit 500,000 individuals. She said: “We are commencing the GEEP Programme right away, which includes funds such as the Iyaloja Funds, designed akin to the Market Women Money initiative.

“Additionally, there are the Jaga Funds, serving as a capital source for traders, and the Hugo Fund, known as Farmers’ Money. The Farmers’ Money will be allocated to the most financially disadvantaged farmers, facilitating their participation in the upcoming farming season. “The Iyaloja Fund, on the other hand, is intended to support underprivileged market traders by enhancing their capital and facilitating business growth. These loans are provided without any interest to these individuals.”