Vice President Yemi Osinbajo on Monday said the Federal Government has spent the sum of N15 billion to give interest-free loans to over 300,000 artisans, traders and farmers across the country.
The Vice President said this at the 9th presidential quarterly Business Forum at the State House in Abuja.
He added that less than N250 billion of the budgeted N500 billion for the Federal Government’s social investment programme has been spent so far which is allocated in two cycles.
“We spend under N250 billion in the two cycles. We have not spent N500 billion because we have not been able to allocate that much revenue to it and yet the results are so obvious.
“So far, we have spent N15billion on interest-free loans ranging from N50,000 to N350,000 and this has been disbursed to over 300,000 market women, traders artisans, farmers across all states of the country and FCT,” he said.
Osinbajo added that the Federal Government is working with eight banks who are committed to the trader money scheme in the disbursement.
He also stressed that 56% of the beneficiaries of the free-interest loan are women.