300,000 N-Power exited beneficiaries to get CBN loan to start their businesses

The Federal Government has stated about 300,000 N-Power exited beneficiaries will enjoy loan facilities from the Central Bank of Nigeria (CBN) after vocational training.

The Minister of Humanitarian Services, Disaster Management and Social Development, Hajiya Sadiya Umar Farouk, stated this on Thursday during the weekly ministerial briefing organised by the presidential media team.

The strategy involves a training programme in specific areas after which the graduates will be given loans to start their own businesses, minister Sadiya Farouq said Thursday.

The N-Power scheme, one of the Social Investment Programmes (SIP) of the Muhammadu Buhari administration, involves the temporary recruitment of unemployed graduates, mainly as teachers, for two years, during which they are paid a N30,000 stipend.

Hundreds of thousands of graduates who had taken part in the scheme had complained of a lack of exit plan for them as they are simply left to rejoin the unemployment market after completing the two years of the N-Power programme.

On Thursday, Mss Farouq said an exit strategy was now in place.

The Humanitarian Affairs and Social Development Minister said this at the weekly briefing organised by the Presidential Communications Team.

She said the strategy is part of the exit programme put in place for those who have successfully completed their two-year training under the N-Power scheme.

She said: “Yes, we have an exit strategy, which we partner with the Central Bank of Nigeria. And out of this 500,000, about 300,000 indicated interest to be put on an exit programme where you can be trained on different skills, skills of their choice and they will be given loans by the Central Bank of Nigeria, for them to start their businesses.

“This we have gone far. We are in the process of training those that have indicated interest. And I’m sure before the end of this quarter, these people will be giving these loans by the CBN.

 “As a government agency the ministry, we do not give loans. So, we have to partner with those institutions that can do that.

 “Unfortunately, some of these people were not very wise in their savings but for anybody that’s really serious, most of them have saved.

“About 109,000 of the N-Power beneficiaries have become entrepreneurs. They are now employers of Labour and we have evidence of that which can be provided to you.

“This is a very laudable programme, and people have benefited and people are being supported. And we have an exit strategy. And we are on and it’s a continuous process.”

Recall that in the batch ‘A’ and ‘B’, 500,000 people benefited from that (N-Power) programme for a period of four years and the FG gave them an N30,000 monthly stipend while the batch ‘B’ benefited for two years.

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Ilesanmi Adekanbi

Ilesanmi Adekanbi, writers and loves writing the story of politics, He is a movie addict. Adekanbi is a Senior Content Creator at Newsflash Nigeria contact me on email: [email protected]

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