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Published On: Thu, Oct 25th, 2018

FG’s interest free loan excites traders

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From Ahmad Mohammed, Bauchi

The beneficiaries of the Federal Government interest free loans to traders under the Social Investment Programme, Trader Moni in Bauchi State have expressed their excitement to the Federal Government for introducing the programme which give each trader a loan of N10, 000 to boost their businesses.
Beneficiaries of the N10,000 interest free loan expressed their happiness when Vice President Yemi Osinbajo who was in Bauchi State on Tuesday to launch the programme said Bauchi is the 21st state to benefit from the Federal Government’s intervention programme.
The traders are expected to pay back the loan within 6 months after which they can be given another loan and after payment, it will be reviewed upwards periodically.
Some of the beneficiaries that spoke to reporters in Bauchi expressed happiness with the gestures and Pray to Allah to help President Muhammadu Buhari to continue in office for the development of their businesses.
A market woman called Hafsat Aminu called on the Federal Government to increase the amount of the loan.
She said “I got the money and although this is commendable but the money is too small, it can’t do much, It cannot buy me another grinding machine but, I still thank God and Buhari for the money. I’ll use it to buy another engine head.”
Hafsat said that she will finish paying back the loan immediately and collect the N15, 000 promised traders who faithfully pay back the money.
A meat seller who gave his name only as Suleiman told our Correspondent that he was sure he will pay back the loan within the stipulated period.
“I got this money today although it is not that much but I will invest it in my business and I can assure you that it will yield profit for me, I will be paying back this loan little by little and within these 6 months, I will finish collect another loan as they have promised us. We are really happy with this government because over 80 per cent of traders in this market got this money and they are excited about it.”
Suleiman prayed that Buhari returns for a second term as president “so they he can continue with this wonderful things he is doing.”
Abdullahi Ibrahim who sells sweet potatoes in the market said he has been managing his business with the little capital he has.
He said with this loan, he hopes to expand his business which will yield him more profit to enable him provide food for his family.
He said: “I am very happy for this N10, 000 loan from the Federal Government because it will help me boost my business.
“I used to buy this potatoes using between N3, 000 and N4, 000 but now, with this money, I will be able to buy up to 3 bags to sell and my profit will triple. And from it, I’ll have enough to feed my family and solve other family issues.
“This is a great initiative. We were actually expecting this government to do something like this for the masses because we voted for them with great expectations and we have started seeing the benefit.”
Another trader, Adamu Garba said this loan will help him double his profit.
He said: “This is a very good help to us the petty traders because it will make our businesses grow. As you can see, I see tomatoes, onions and peppers, and by the time I add N10, 000 to this business, I’ll make twice the profit I make weekly.”
Garba said 6 months is too long a time to pay back the loan declaring that “I am determined to finish paying this loan in 3 to 4 months’ time so that I can access the N15, 000 to also invest in my business.”

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