Economy News

300,000 N-Power Exited Beneficiaries Get CBN Loan

300,000 N-Power Exited Beneficiaries Get CBN Loan
  • PublishedFebruary 18, 2022

The Federal Government has revealed that 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.

According to her, “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 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.”

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