300,000 N-Power beneficiaries to get CBN loan — FG

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The Federal Government, through the Minister of Human Affairs, Disaster Management and Social Development, Hajia Sadiya Umar Farouk, stated that there was an exit programme for about 300,000 N-Power beneficiaries to get loans from the Central Bank of Nigeria (CBN).

This was disclosed during the weekly ministerial media briefing organized by the Presidential Communications Team, at the Presidential Villa, Abuja.

She said the government had a plan of putting about 300,000 applicants on a training programme while the CBN will provide them loans.

According to her, “We have 500,000 that have been on the programme with Batch A and Batch B being on the programme for four years and two years.

“The Batch A was on the programme for about four years and we were giving them N30,000 stipends monthly. And the Batch B benefited for two years.

“So yes, the N-power beneficiaries have benefited because these are people who were not employed who had nothing to do, were engaged and were being paid stipends to use to earn a decent living.

“On the exit programme. Yes, we have an exit strategy in partnership 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 and they will be given loans by the Central Bank of Nigeria, CBN, for them to start their businesses.

“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 given these loans by the CBN.

“As a government agency, the ministry does 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.”

 

By Feranmi Okuku