President Muhammadu Buhari directed that all beneficiaries of TraderMoni, MarketMoni and FarmerMoni loans be granted a three month moratorium before paying back the money.
President Buhari issued the directive on Sunday, 29th March, during his Covid- 19 pandemic speech, saying the three month repayment moratorium be granted with immediate effect.
Buhari said: “I have directed that a three month repayment moratorium for all TraderMoni, 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.”
For on-lending facilities using capital from international and multilateral development partners, he said:
“I have directed our development financial institutions to engage these development partners and negotiate concessions to ease the pains of the borrowers.”
For the most vulnerable in the society, he directed that the conditional cash transfers for the next two months be paid immediately.
“Our Internally displaced persons will also receive two months of food rations in the coming weeks,” he stated.
He also called on all Nigerians to take personal responsibility to support those who are vulnerable within their communities, helping them with whatever they may need.
