The Presidency has said that calls for the suspension of the TraderMoni, one the Social Investment Programmes of the Buhari administration is a direct confrontation with millions of Nigerians benefiting from programme and several others.
The Vice President’s spokesperson, Laolu Akande said in a statement in Abuja that the call by some individuals under the auspices of the Southern and Middle Belt Leaders Forum was deceitful and a disservice to the over two million Nigerians who will benefit from the loan.
Akande, who was reacting to news report credited to the group, said “It is deceitful for anyone or group to accuse the Vice President Yemi Osinbajo, SAN, of advance vote-buying through TraderMoni, a micro-credit scheme designed to assist the bottom of the pyramid petty traders nationwide. This was the false claim contained in a communiqué jointly signed by the leadership of a group called Southern and Middle Belt Leaders Forum recently.
“We do not think the Nigerian people are up for sale, nor can they be bought. Such suggestions are an insult on our collective identity. And calling for the suspension of a scheme that improves the businesses of ordinary, hardworking Nigerians, like petty traders, is not only unfair, but an attack on the common man.
“The Social Investment programme of the Buhari administration started in 2016, and the TraderMoni scheme is a part. So, it is false to even insinuate that the scheme was meant for advance vote-buying when it was conceived two years ago.
“TraderMoni, which is part of the Government Enterprise and Empowerment Programme (GEEP) under the SIPs, is designed to assist petty traders across the country expand their trade through the provision of collateral- and interest-free loans from N10,000. The loans are repayable over a period of six months.
“Also, it would seem naysayers cannot withstand the fact that this administration is fulfilling its promise. Would they rather share the funds among themselves instead of supporting petty traders? Afterall, in some few instances, a combined sum of N100 Billion was shared under the former administration.
” If that N100 Billion had been given to petty traders as loans, like the Buhari administration is doing now at N10,000; 10 million petty traders nationwide would have been beneficiaries.
“We will not choose to engage with the notion that Nigerians and their loyalty are for sale. This administration has proven over and over again that it is committed to the welfare of everyday Nigerians, the common man. That is why we started the largest Social Investment Programme in the history of our country. And we will not relent in staying connected with our people.
“This is a major reason why TraderMoni, which has since been formally launched in 33 states and the FCT, will continue nationwide as we intend to reach 2 million Nigerians by the end of the year. Over 809,000 Nigerians are currently beneficiaries of the microcredit scheme.
“Despite this being a season of upcoming elections and desperate politicians resorting to desperate measures, it is irresponsible for any group to play politics with the welfare of ordinary Nigerians – hardworking petty traders, who are simply making honest living and trying to support their families – and a microcredit scheme which is meant to help improve their businesses and means of livelihood.
“Besides the fact that petty traders are major contributors to the informal economy, most of them do not have access to loans from commercial banks which require collateral or interest, which would help them grow their business, and so the country’s economy.
“Again, through TraderMoni, the Buhari administration is empowering ordinary Nigerians by improving financial inclusion in the grassroots.”
Akande said that beneficiaries of TraderMoni are not required to show their Personal Voters Cards (PVCs) or any document to qualify for the interest-free loans. This is why the enumeration is done in the open markets and wherever the traders ply their trade.
“The Social Investment Programme includes the Home Grown School Feeding Programme (HGSFP); Conditional Cash Transfer (CCT); Government Enterprise and Empowerment Programme (GEEP) (MarketMoni, FarmerMoni & TraderMoni) and the N-Power job scheme
“The Home-Grown School Feeding programme is now feeding over 9 million primary school pupils a free meal a day in 26 states nationwide; while almost 300,000 Nigerians are beneficiaries of the Conditional Cash Transfer.
“So far, over one million Nigerians are beneficiaries of GEEP schemes – MarketMoni, FarmerMoni and TraderMoni, while 500,000 young Nigerian graduates have been employed under the N-Power job scheme.
“Thus, we urge the group to halt its needless attack on the largest and most ambitious social investment programme in Nigeria’s history, and rather join hands to help our people.
“The Buhari administration remains committed to the welfare and upliftment of the common man and all Nigerians, regardless of party affiliations, and the Social Investment Programme is one of the major planks of this administration to improve their livelihood.”
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Calls for suspension of TraderMoni deceitful, says Presidency
Through TraderMoni, the Buhari administration is empowering ordinary Nigerians by improving financial inclusion in the grassroots
President Bola Ahmed Tinubu has signed the four tax reform bills into law.President Tinubu signed the law in his office at the State House, Abuja, on Thursday, in the presence of relevant stakeholders from across the arms of government.
The new laws include the Nigerian Tax Law, the Nigerian Tax Administration Law, the National Revenue Service (Establishment) Law and the Joint Revenue Board (Establishment) Law.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.
“We are laying a foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity”, he said.
Debris of a missile fired from Iran toward Israel leaves a trail in the night sky over Hebron in the occupies-West Bank after being intercepted on June 13, 2025.
“The operation of Iranian missiles against American bases located in Qatar and in Iraq has begun, and is called ‘Blessing of Victory’,” the official press agency IRNA said. AFP journalists reported hearing explosions in Doha, the capital of Qatar, home to the largest US base in the region.
Meanwhile, Qatar said it had successfully intercepted an Iranian missile attack Monday on the United States’ Al Udeid base, the largest US military facility in the Middle East.
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Dangote Refinery to Begin Nationwide Distribution of PMS, Diesel, for smooth logistics to marketers
The Dangote Petroleum Refinery has announced that it will begin distribution of Premium Motor Spirit (PMS) and diesel nationwide.
The statement added that the Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to ensure smooth take-off of the scheme, which will continue over an extended timeframe
The statement said, “To ensure the smooth takeoff of the free logistics for marketers and petrol dealers buying from Dangote, the statement further disclosed that the refinery has procured 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers.
“This phase of the programme will continue over an extended timeframe. The refinery is also investing in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.
This strategic programme is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development. It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.
“Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support. Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth. Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.
The Dangote Petroleum Refinery has announced that it will begin distribution of Premium Motor Spirit (PMS) and diesel nationwide.
In a statement on Sunday, the company said effective from 15th of August 2025, it will begin the distribution of the products to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost distribution network.
The move, according to the company, was a significant national initiative aimed at transforming Nigeria’s fuel distribution landscape.
The statement added that the Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to ensure smooth take-off of the scheme, which will continue over an extended timeframe.
“This phase of the programme will continue over an extended timeframe. The refinery is also investing in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.
“This strategic programme is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development. It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.
“Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support. Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth. Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.”
The statement added that the refinery will offer a credit facility to those purchasing a minimum of 500,000 litres, which would allow them to obtain an additional 500,000 litres on credit for two weeks, under bank guarantee.
It described the effort as a milestone in its vision to revolutionise the Nigeria’s energy sector.
“This pioneering effort marks a major milestone in our vision to revolutionise Nigeria’s energy sector. Dangote Refinery is dedicated to ensuring that no place is left behind. Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may b
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