-50 residents also get N10, 000 each
A total of 125 traders across the one Local Government and Five Local Council Development Area (LCDAs) in Ikorodu Federal Constituency on Friday, received N20, 000 each from their representative, Rep. Babajimi Benson, as support for their markets.
The distribution of the business support money, which was held at the Federal Constituency Office of the lawmaker in Ikorodu, was the third edition of the scheme.
Also at the event, 50 residents of ltun Layeode area of Ikorodu, were also presented with N10, 000 each in fulfilment of the lawmaker’s electoral pledge.
Mayor Muyideen Sanwoola, the Director General, iCare Foundation, the operational arm of the lawmaker, speaking at the distribution, said that the intention of the scheme was to increase traders’ capital base and grow their businesses.
“This is the third edition of this intervention which was designed to support traders across the six councils in the Ikorodu Federal Constituency. It was instituted because we found out that traders are usually supported with loans that facilitators pay back the interest, while traders benefiting will pay back the actual loan sum”, he said.
“But we do not feel comfortable with that arrangement. It is better for a trader to get business support to increase his/her capital base, than to be removing from it to pay back loan borrowed.
“So, we decided that the best way is to give financial support to traders which they will not pay back. It is a support extended to support traders’ businesses.
“We are giving N20, 000 each to 20 traders in the five Local Council Development Areas (LCDAs) of Ikorodu Federal Constituency, and these are people in need of the support.
“The allocation was done based on the population. While the other five Councils were allotted 20 slots each, 25 traders will benefit from Ikorodu Central LG. This is because Ikorodu Central LG has seven Wards”, Mayor Sanwool explained.
He stated that the support is not for traders that are comfortable, but vulnerable members among them, to assist them in growing their businesses.
“This support is for vulnerable traders who are struggling, and not for those that are doing well. We also asked that some members of the market executives should also be part, but the vulnerable traders should be in majority among the beneficiaries”, he said.
“We are appealing for your cooperation and prayers so that in future, we can increase the number of the beneficiaries to support more traders.
“It was 10 traders from each of the councils that benefitted last year, but we have increased it to 20 in the five LCDAs, while 25 are benefiting from Ikorodu Central”.
“The money is coming from Rep. Benson’s pocket, and not the government business support initiative. But be rest assured that he would inform you and bring financial or any other support from the government to you whenever it is initiated”, iCare DG clarified.
“He did that during the Traders’ Money that the Federal government initiated some years back”, he added.
Sanwoola, explaining the circumstances surrounding the 50 beneficiaries, said that it was part of the lawmaker’s support for his constituents to cushion the effects of the fuel subsidy removal.
“Also today, we are going to present 50 residents the sum of N10, 000 each, as part of our campaign promise to Itun Laye – Ode residents”.
“Recalled that we went all out to campaign when most were afraid to, because they were incapacitated due to the policy of the former CBN Governor, Emefiele. We went all – out because we were sure that our representation before the electioneering impacted on the people. At that time, we were unable to present the monetary support to these residents of Layeode due to a rowdy situation during the campaign.
“Today, we are presenting the 50 residents with N10, 000 each, to fulfil the pledged.
“The Laye – Ode community was also part of the communities that benefited from our food palliatives when the situation was critical due to the removal of the fuel subsidy”, he said.
Rep. Babajimi Benson, speaking, said that the support for the market men and women, was initiated to improve the capital base of vulnerable traders and boost their businesses.
The three – term lawmaker also said that he extended the gestures to the residents of Laye – Ode community, to support them in catering for their own needs and that of their families.
Some of the beneficiaries that spoke with THE IMPACT commended the lawmaker for his consistent support for their trades.
They said that the financial support will go a long way in increasing their businesses and profits.