Sanwo-Olu inaugurates N750m market transfer money in Lagos

Gov. Babajide Sanwo-Olu of Lagos State inaugurated the N750 million Lagos Market Transfer Money programme for 15,000 market men and women in 20 local governments and 37 local council development areas on Sunday.

Sanwo-Olu said this at the inauguration of the Fresh Food Agro-Hub in Idi-Oro Market, Mushin Local Government Area.

The Fresh Food Agro-Hub, Mushin, is the first of its kind in the state to mitigate post-harvest losses, inflation, traffic congestion, and carbon footprint emissions, among others.

The governor said that the first 15,000 beneficiaries of the programme would receive N50,000 each as palliatives to cushion the effect of fuel subsidy removal.

According to him, each local government area will send 200 beneficiaries, while an additional 50 will come from market leaders, Iyalojas and Babalojas, across the state.

Sanwo-Olu said the government had come up with an intervention for all men and women.

“We are launching here today what we call Lagos Market Trader Money.

“As a measure of where we are, the first 15,000 market beneficiaries are going to be getting support of N50,000 from the government.

“How it is going to work is that we are not going to pick these beneficiaries from the big markets; each local government will submit 200 names that will be divided among 10 markets.

“This means 10 markets will identify 20 beneficiaries each. We are going to give the Iyalojas and the Babalojas an additional 50 slots for them to further identify beneficiaries.

“This is going to bring a total of 250 beneficiaries from every local government, and that will give us a total of 14,250.

"With the balance of 750, we will identify other stakeholders, the markets that we have in barracks, in our military formation because they also have markets and they are our citizens, and we need to take this type of intervention also to them.

“We will distribute the remaining 750 amongst them, and it will bring us all our beneficiaries,'” he said.

Sanwo-olu told the market leaders at the gathering that he had fulfilled the promise made to the traders during their meeting.

He said that when he held a meeting with the market leaders, he promised them 5,700 beneficiaries, but now he has increased it to 15,000 beneficiaries.

“The first 15,000 would be the first attempt to ensure that the palliatives that Mr. President Bola Tinubu is talking about—the palliatives that the market men and women have been clamouring for—we can give them to them.

“You can imagine somebody who is selling fruits.

“The total sale of what is in the store is about N40,000; if there is an additional N50,000 that we are going to give, it will immediately increase the amount that is available for that market woman to be able to have the means.

“He or she will be able to trade more to generate enough revenue and build a sustainable life for her family.

“We will look for how we will implement it so that it will get to the grassroots; it will not be one-sided. We will give them the money,” he said.

Sanwo-Olu said that the Commissioner for Agriculture, Ms. Abisola Olusanya, would handle all the logistics, along with all the local government chairmen.

He added that the government had made arrangements for the funds and that they would commence immediately, adding that they would be paid to beneficiaries before December 31st, 2023.

“This is a policy that will start immediately tomorrow; we must commence it before the end of the year so that we can give them the money.

“We don’t want the new year to approach before we start giving excuses.

“We have made arrangements for the money, and we will ensure that this programme will give our people more resources to expand their businesses.

“This is now your government, and you must give it all the support it deserves. We have promised, and we are fulfilling it.

“We pray you will utilise the fund judiciously for the benefit for which it is given to you,” he said.

Earlier, Alhaja Toyibat Borokini, the Iyaloja of Mushin Market, had urged the state government to provide support and assistance for her members in the face of the economic situation in the country.

Borokini said that the traders appealed to the governor to further assist them during their previous meeting.

“The entire market, men and women in Lagos, are grateful for this huge support, and we will utilise this facility judiciously.

“This will definitely go a long way in boosting our businesses,” she said.