After news filtered in today that the Senate has approved a loan of N2.3 trillion to fund the 2021 budget deficit of the President Muhammadu Buhari-led government, there was excitement among the 2016 and 2017 exited N-Power beneficiaries. Their excitement was hinged on the hope that part of the loan had been set aside for them.
More details about the plan of the Federal Government for the former beneficiaries can be found at: https://infomediang.com/job-options-for-exited-n-power-beneficiaries
One of the headlines shared on messaging app and on social media platforms include, “Good news for exited Npower beneficiaries as Senate Approves Buhari’s N2.3 Trillion Loan Request”
Will Exited N-Power Benefit From The Loan?
A check on the document approving the loan by the upper legislative chamber shows that there is no mention of the N-Power on the list.
Specifically, the loan which was about $6.183 billion was approved to fund the deficit in the 2021 Appropriation Act.
In May, President Buhari had run to the legislative chamber seeking approval of the National Assembly to source the fund from multiple avenues.
The essence of the loan?
Despite the several promises made by the Federal Government that exited beneficiaries would have access to loans and funding for their businesses, the current loan will be used for critical infrastructural projects in transportation, health, and education, among others.
The Upper Chamber approved Buhari’s request for the issuance of $3 billion but not more than $6.1 billion Eurobond in the International Capital Market for the implementation of the external borrowing of N2.3 trillion majorly to finance part of the deficit in the 2021 Appropriation Act.
More details about the loan and Nigeria’s debt profile can be found on Sahara Reporters
There is no provision for the exited members of the youth empowerment programme also known as N-Power in the loan.