Minister Gives Update On CBN Loans For Exited Npower Beneficiaries

The Minister of Humanitarian Services, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq has reiterated the commitment of the government to give business start-up loans to interested and qualified exited N-Power beneficiaries.

According to the Minister on Thursday, her ministry is collaborating with the Central Bank of Nigeria (CBN) to make the funds available and disbursement should be done before the end of the first quarter of the year.

Naija News reports she gave the update while speaking with newsmen during the weekly ministerial press briefing organized by the presidential media team.

According to her, up to 300,000 former NPower beneficiaries who will be trained on different skills will get the CBN loans.

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 given 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.”

It will be recalled that back in January 2022, the federal government of Nigeria issued a notification to all exited beneficiaries of the N-power scheme as touching the proposed NEXIT training.

The statement released on the official Twitter handle of the Federal Ministry of Humanitarian Affairs and Social Development indicated that the first batch of the NEXIT training would commence in February 2022.