Post by Trade Coach on May 1, 2020 22:00:15 GMT 1
The Federal Government of Nigeria has directed all relevant stakeholders to extend the repayment date of credit facilities offered to Nigerians under its FarmerMoni, TraderMoni and MarketMoni schemes by three months.
This is to serve as relief to Nigerians as the number of confirmed cases of the novel coronavirus (Covid-19) continues to rise in the country.
The President, Muhammadu Buhari gave the directive on Sunday in his nationwide broadcast on the pandemic. He said that the moratorium will also be applicable to all government-funded loans granted by institutions such as the Bank of Industry, Bank of Agriculture and the Nigeria Export-Import Bank.
“I have directed that a three-month repayment moratorium for all TradeMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect’
“I have also directed that a similar moratorium be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank." He said.
The president further mentioned that he had directed the Ministry of Humanitarian Affairs, Disaster Management and Social Development to continue his administration’s school feeding program.
This is despite the closure of schools across the country following reports of the virus.
President Buhari in the speech also ordered a 14 day lockdown in Lagos, Abuja and Ogun States to allow for effective tracking of persons who have had contact with index cases of the virus.
Also, the president reiterated the need for Nigeria to follow the social distancing, hand-washing and other health safety instructions from the Nigeria Centre for Disease Control and health ministries.
The FarmerMoni, among other loan schemes, is part of President Buhari’s Government Empowerment and Enterprise Programme (GEEP) which seeks to enable easy access to finance and working capital for farmers and traders. The programme has provided working capital for as many as 1.7 million traders across the country since it started in 2016.
This is to serve as relief to Nigerians as the number of confirmed cases of the novel coronavirus (Covid-19) continues to rise in the country.
The President, Muhammadu Buhari gave the directive on Sunday in his nationwide broadcast on the pandemic. He said that the moratorium will also be applicable to all government-funded loans granted by institutions such as the Bank of Industry, Bank of Agriculture and the Nigeria Export-Import Bank.
“I have directed that a three-month repayment moratorium for all TradeMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect’
“I have also directed that a similar moratorium be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank." He said.
The president further mentioned that he had directed the Ministry of Humanitarian Affairs, Disaster Management and Social Development to continue his administration’s school feeding program.
This is despite the closure of schools across the country following reports of the virus.
President Buhari in the speech also ordered a 14 day lockdown in Lagos, Abuja and Ogun States to allow for effective tracking of persons who have had contact with index cases of the virus.
Also, the president reiterated the need for Nigeria to follow the social distancing, hand-washing and other health safety instructions from the Nigeria Centre for Disease Control and health ministries.
The FarmerMoni, among other loan schemes, is part of President Buhari’s Government Empowerment and Enterprise Programme (GEEP) which seeks to enable easy access to finance and working capital for farmers and traders. The programme has provided working capital for as many as 1.7 million traders across the country since it started in 2016.
