FG issues interest-free loans to 98,000 Nigerians
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, disclosed this in a statement by her Special Assistant on Media, Nneka Anibeze, in Abuja on Wednesday.
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.
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.
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.
“The 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.
“It also covers persons at the bottom of the economic pyramid, who are engaged in small scale commercial activities under its three flagship schemes.
“These three flagship schemes are MarketMoni, TraderMoni and FarmerMoni.