Immediate past governor of Ekiti State, Ayodele Fayose has accused the Federal Government of using the TraderMoni scheme as a direct plan to “re-loot Abacha’s loots”

Sani Abacha was a former military ruler who allegedly looted billion of dollars which he stashed away in Switzerland between 1993 to 1998.

Fayose made this accusation in a statement issued on Monday by his Media Aide, Lere Olayinka.

Nigerians can see through APC’s deceit- Fayose

According to Fayose, Nigerians are aware of the All Progressives Congress (APC) TraderMoni deceit and will respond appropriately with their votes in 2019.

The ex-governor equally maintained that it is deceitful for President Muhammad Buhari to insist that late Military Head of state, Sani Abacha was incorruptible while also using the ‘phony’ TraderMoni scheme to reloot the $322 million recovered from the loot Abacha stashed away in Switzerland.

Ayodele Fayose, Former Ekiti State governor.

Fayose said: “If not that TraderMoni was to reloot the recovered Abacha loot, the proper way was for beneficiaries to be captured biometrically and the N10,000 paid into their bank accounts instead of the Vice President going to the market to share cash.

“Therefore, of what economic sense is going to say Kano to share the N10,000 cash to 1,000 people? Isn’t spending N25 million to share N10 million same as being penny wise pound foolish?”

Fayose’s comments on the TraderMoni scheme

Fayose who is the Southwest Coordinator of the Peoples Democratic Party (PDP) questioned the rationale behind the huge expenses incurred by Vice President Yemi Osinbajo citing numerous allowances for himself, aides, protocols, security and others just to share 10million to petty traders.

According to him, the Federal Government is not sincere about the true purpose of the TraderMoni scheme.

The TraderMoni concept

TraderMoni is part of the federal government’s Social Investment Programme (N-SIP), designed to assist petty traders across the country.

The scheme aids in expanding their trade through the provision of collateral and interest-free loans ranging from N10,000 and above. The loans are repayable over a period of six months.

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