Latest NPower News: 300,000 N-Power NEXIT Applicants To Get CBN Loan

The Federal Government, through the ministry of Human Affairs, Disaster Management and Social Development has disclosed that about 300,000 Npower Exit package applicants will get loans from the Central Bank of Nigeria (CBN).

Recall that Investors King had earlier reported that the Federal government had, through the ministry which is handling the scheme, launched a portal for the 500,000 exited beneficiaries to apply for their exit packages.

The Minister of Human Affairs, Disaster Management and Social Development, Hajia Sadiya Umar Farouk disclosed that the Federal government plans to train about 300,000 applicants while the CBN will provide them with the loan.

According to her, 500,000 applicants have been on the programme with Batch A and Batch B being on the programme for four years and two years. She stated further that out of the 500,000 applicants, about 300,000 indicated interest to be put on an exit programme where they can be trained on different skills and then, given loans by the CBN 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”, she revealed.

The minister, who spoke during the weekly briefing organised by the Presidential Communications Team, noted that about 109,000 of the N-Power beneficiaries have become entrepreneurs and are now employers of labour. The first batch of the Npower exit (NEXIT) training is expected to commence this February 2022.

With the NEXIT plan package, at least 200,000 exited Npower beneficiaries will be engaged as financial services operators under a Shared Agent Network Expansion Facility (SANEF) scheme controlled by the Central Bank of Nigeria.

Among other things, the NEXIT programme is expected to create a platform for Nigerian owned financial services companies to grow whilst empowering and creating job opportunities for Nigerian youths.

The N-Power scheme is one of the Social Investment Programmes (SIP) of the Muhammadu Buhari administration. It involves the temporary recruitment of unemployed graduates between the ages of 18 and 35 in various sectors including education, agric, among others.

These beneficiaries are employed for a period of two years, during which they are paid a stipend of N30,000.