The Federal Government through the Federal Ministry of Humanitarian affairs and disaster management, on Wednesday 14th March, 2022 flagged -off the CBN NEXIT Business loan for the disengaged Beneficiaries of N-Power Programme, According to the Npower Scheme successful NEXIT applicants will receive a loan up to N3million from the Central Bank of Nigeria (CBN) with a maximum tenure of seven years.
Meanwhile, Federal Government of Nigeria through Sadiya Umar Farouq, the Minister of Humanitarian affairs and disaster management has informed disengaged N-Power Batch A&B beneficiaries that the “NEXIT Loan Disbursement will begin soon” .
This online news outlet reports that Sadiya Farouq, Nigeria’s Minister of Humanitarian Affairs, Disaster Management, and Social Development, said the exit package was now in place. The minister made this announcement at the weekly briefing organised by the Presidential Communications Team.
She said the strategy is part of the exit programme put in place for disengaged beneficiaries who have successfully completed their training under the NEXIT Loan Programme.
“We have an exit strategy in partnership with the Central Bank of Nigeria and out of 500,000 beneficiaries, already about 300,000 have indicated interest to be part of the exit programme where they can be trained in various skills of their choice, after which they will be given loans by the Central Bank of Nigeria, for them to start their businesses.
“On this, we have gone far and we are in the process of disbursing the loans to those that expressed interest and I can guarantee you that very soon, these individuals will be given these loans by the CBN,” she said.
While ensuring that the payment processes for the long-awaited NEXT LOAN were nearly complete, the Minister also stated that the process for June/July Stipends payment for Batch C2 Beneficiaries was also proceeding.
According to her, all clearances have been made and payment processes will be initiated soon.
Sadiya added that the loans are being handled by the central bank because “as a ministry or government agency, we don’t give loans.”
The minister also spoke about the impact of the scheme on disengaged batch A and B beneficiaries.
“In the batch ‘A’ and ‘B’, 500,000 people benefited on that (N-Power) programme for a period of four years and we were giving them N30,000 monthly stipend while the batch ‘B’ benefited for two years.
“These are people who were not employed; they had nothing to do but they were engaged to have a decent living.
“Some of them were wise enough to save from their monthly stipends and through that, 109,000 of them have now become entrepreneurs and employers of labour. This is a very laudable programme and people have benefitted, people are being supported and it is a continuous process,” she said.
Disbursement of N20,000 Cash Grants Spread Across Nigeria
Minster Farouq also denied the reports that her ministry’s intervention programmes are only for the North-east and North-west regions of the country.
“That is not true. Our ministry is for the whole country. The only agency under the ministry that is focused on the North-east is the North-East Development Commission, just like the Niger-Delta Commission.
“We send intervention to all parts of the country where it is needed. You also cited Benue State. That state cannot say that the federal government does not support them or does not give them interventions to them.
“I remember very well, even while I was in the Refugees Commission, I had cause to visit Benue State on several occasions, taking interventions to the displaced persons in that state. In fact, during one of such visits, we went with the Vice President, Professor Yemi Osinbajo. Even currently, the Refugees Commission and NEMA, they all take interventions to Benue State,” she said.