Nigeria is giving out CBN loan to 300,000 N-Power Beneficiaries

The Nigerian Government says there is an exit programme to give out loans from the Central Bank of Nigeria, CBN to about 300,000 N-Power beneficiaries. .

Minister of Human Affairs, Disaster Management and Social Development, Hajia Sadiya Umar Farouk, revealed this during the weekly ministerial media briefing organized by the Presidential Communications Team, at the Presidential Villa, Abuja.

300,000 N-Power Beneficiaries To Get Central Bank of Nigeria, CBN Loan

She says the government had a plan of putting about 300,000 N-Power beneficiaries on a training programme while the CBN will provide them business loan.

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The minister said: “On the N-Power, thank you for bringing that up and you asked another question if anybody really benefited from the N-programme.

“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.

N-Power Beneficiaries
N-Power Beneficiaries

Batch A N-Power Beneficiaries Get N30,000 Stipends Monthly

“The Batch A N-Power beneficiaries was on the program 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 of the N-Power beneficiaries 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.

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N-Power Beneficiaries To Be Trained To Become Entrepreneurs

“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.”

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