Fact Check: Is FG Planning N800K To N5M as NEXIT CBN Loan For Ex-NPower Beneficiaries?

Last updated on September 25th, 2023 at 10:57 am

A message is circulating on messaging apps and several groups on Facebook that the Federal Government is to grant a loan of N800, 000 or N5M to former N-Power volunteers tagged “NEXIT CBN Loan”

The message which is circulating on WhatsApp and Telegram read, “Nexit CBN Loan: Volunteers to Get 650k/800k to N5M without Collateral”

How true is this information? Has the Federal Government revealed the specific amount each of the applicants on NEXIT-CBN portal will be granted?

Does the Federal Government Have Such Plan for Exited Beneficiaries?

The Ministry of Humanitarian Affairs and the Central Bank of Nigeria (CBN) truly collaborated to consider ways on how to support the exited N-Power beneficiaries, most especially those who have a viable business plan.

To make this work, the ministry launched NEXIT portal for the former beneficiaries to submit their data.

The specific loan has not been made public by the either the CBN or the ministry, however, there are certain questions within the portal that showed that FG through the CBN might support exited N-Power volunteers who have realistic business with an interest-free loan to support their businesses.

During the NEXIT portal launch, the minister was quoted as saying:

“A Portal that will enable Exited N-Power Beneficiaries to apply for Central Bank of Nigeria Empowerment Options has been launched by the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

“The platform which was developed in collaboration with the CBN will enable Exited N-Power Beneficiaries to log on and apply for the various Economic, Empowerment and Entrepreneurship options provided by the CBN”

Here are some of the questions on the NEXIT portal that show that NEXIT CBN loan may be feasible:

During the N-power programme, did you acquire a skill?

If you select YES, you’re likely to be seen as a serious-minded fellow who can effectively manage the business. Self-development is very important irrespective of how busy you are.

What type of Skill? Please Specify

Imagine you filled in “website design” “buying and selling” “online trading” “shoemaking” “sewing” “Snacks making” etc as your new skill? You definitely have a market or potential consumers who ready to be served.

Do you have an existing business?

YES is the best for this, if really you want to be considered for any loan. A loan should be for business and not for consumption.

Do you have any business idea you intend to start?

Again, YES is the real deal.

Do you desire to own a business venture?

YES is the way

Do you need a loan for your business venture?

YES, even if you already have a business, nothing stops you from expanding, the interest-free loan will make this a reality.

Would you like to participate in a digital and e-commerce skills acquisition training programme?

YES in case the FG is planning to organise one.

“The NEXIT portal is to determine the suitability of the beneficiaries for the CBN affiliated programs and is dependent on meeting the criteria and conditions set by the CBN for the said programs,” Sadiya Umar Farouq was quoted as saying a few days ago.

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Final thought:

The report that “Nexit CBN Loan: Volunteers to Get 650k/800k to N5M without Collateral” is a rumour at this time, no official statement to back up this claim.

A check shows that some of the publications on this subject matter failed to quote a reliable source.

We’ve also contacted the CBN, the minister, the Ministry on this, but they are yet to respond at the time of publication