In recent news, the Lagos State Governor, Babajide Sanwo-Olu, inaugurated a N750 million market cash transfer program for 15,000 market men and women across 20 local governments and 37 local council development areas.
This initiative was launched during the inauguration of the Fresh Food Agro-Hub in Idi-Oro market, located in Mushin local government. The Mushin Fresh Food Agro-Hub is the first of its kind in the state, aimed at mitigating post-harvest losses, inflation, traffic congestion and greenhouse gas emissions, among others.
The governor announced that the first 15,000 beneficiaries of the program would each receive N50,000 as mitigation measures following the removal of the fuel subsidy. Each local government will select 200 beneficiaries, and market heads – the Iyalojas and Babalojas – will also choose an additional 50 people from markets across the state.
Sanwo-Olu stressed that government had put in place an intervention for all market men and women. He explained that each local government will submit 200 names which will be distributed among 10 markets, meaning 20 beneficiaries will be selected per market. The Iyalojas and Babalojas will also have 50 additional places to choose beneficiaries.
In total, each local government will select 250 beneficiaries, for a total of 14,250. The remaining 750 places will be allocated to other stakeholders, including markets located in barracks and military formations, which also house markets. These beneficiaries represent all of our stakeholders, and this brings us to a total beneficiaries of 15,000.
Sanwo-Olu told market leaders present at the event that he had kept his promise to traders during their meeting. He had promised them 5,700 beneficiaries, but he ultimately increased that number to 15,000.
The first 15,000 beneficiaries will be the first to benefit from the aid promoted by President Bola Tinubu and demanded by market men and women. These additional funds will help traders increase their income and build a sustainable life for themselves and their families.
The governor said the Commissioner for Agriculture, Abisola Olusanya, would be in charge of all logistical aspects, working with local government chairmen. He added that the government had already allocated the funds and the program would launch immediately, with payments to be made by December 31, 2023.
This initiative aims to support merchants and offer them additional resources to develop their activities. The government is committed to implementing this program equitably, so that it benefits everyone. Governor Sanwo-Olu called on beneficiaries to use these funds responsibly, in the interest of their business.
The Iyaloja of Mushin Market, Alhaja Toyibat Borokini, expressed gratitude to the state government for the valuable support. She assured that traders would use these funds responsibly and efficiently.
This market money transfer program is an important step in efforts to support local traders and boost the economy of Lagos State. It offers a tangible solution to mitigate the effects of the removal of the fuel subsidy and help traders thrive despite the current economic challenges.
With this initiative, the Lagos government demonstrates its commitment to supporting the local markets sector and improving the living conditions of its citizens. By providing financial resources to traders, it helps create a stronger and more thriving economic environment for everyone.