NEXIT Plan dependent on CBN Criteria and Conditions

The Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk, has in her weekly update "My Week in Review" at the wee hour of Sunday stated that the NEXIT Plan which would enable exited N-power Beneficiaries specifically and directly benefit from CBN Empowernment opportunities, is dependent on the "criteria and conditions" set by the apex bank which would define the "suitability" of any N-power Beneficiary in accessing the option.

"I am also happy to announce that during the week we notched up a key milestone towards providing seamless exit for Batch A and B N-power beneficiaries. Working with the Central Bank, we have arrived at a workable solution. I am grateful to the CBN governor.

"The NEXIT portal which was developed and launched by #FMHDSD in collaboration with the CBN will enable exited N-Power beneficiaries to log on and apply for the various economic, empowerment & entrepreneurship options provided by the apex bank.

"The NEXIT portal will help us determine the suitability of the beneficiaries for the CBN affiliated programs & is dependent on their meeting the criteria & conditions set by the CBN for the said programs. I thank past beneficiaries for their service, patience & understanding," Farouk stated.

Recall that Justin Tsegba, an N-power Permanency Campaigner and Youth Activist, had through a press statement titled "CLUELESS SADIYA FAROUQ AND DOCILE CENTRAL BANK'S GREEK GIFT TO EXITED N-POWER VOLUNTEERS: A CASE OF GRAND DECEPTION by Justin Tsegba " trolled the Humanitarian Minister and the Central Bank of Nigeria for their purported plan to decieve the N-power Beneficiaries.

Proposing the CBN "criteria and condition" for loan offers, Tsegba stated:

"Traditionally, you are to have a registered business with the CAC and identify the growth stage is your business and how much credit you need to grow further? Will your SME qualify for CBN credit facility?

"If you have existing loan with Central Bank or NIRSAL you are not qualified for the N-EXIT

"Those that have benefitted from the covid 19 loan under HOUSEHOLD and not SME could possibly be considered. If the system is rejecting your bvn during registration it could mean you are either above 35years or under under other CBN loan as a beneficiary," he added.

Many N-power Beneficiaries are of the opinion that the CBN loan should be "an option" and not "the only option" as not all N-power Beneficiaries would want to embark on Business enterprises or take a loan adding that, they need more of Permanent employment or Exit package as a grant and not necessarily a Loan.