N-Power Stipend: Presidency Reveals Amount Spent On Beneficiaries
N-Power beneficiaries. Image: Powerhopes
The Federal Government of Nigeria on Sunday said it spent N360 billion in two years to pay 500,000 graduates’ stipend under the N-Power scheme.
Concise News reports that the government said the payments started in 2016 with graduates employed under the scheme getting N30,000 (approximately 83 US Dollars) monthly stipends.
The Senior Special Assistant (SSA) to the President on Social Investment Programmes, Ismaeel Ahmed, stated this in Abuja when he addressed reporters on the side-lines of an entrepreneurship show organised by Azuatalam Better Life Foundation.
He said: “Through the N-Power programme, 500,000 graduates have been employed and are paid N30,000 every month. If you calculate that for the two years that they have been there, because it has been on since 2016, you will understand how much we’ve invested.
“We have given 622,000 people N5,000 each, and these are the poorest of the poor who do not have any collateral to go to the bank to collect loans.”
Ahmed praised the TraderMoni scheme of the Federal Government, saying it had impacted millions of small businesses across the country.
The presidential aide said the government had not slowed down the process, adding that funds were being released to boost various schemes.
Meanwhile, October stipend payment (N30, 000 monthly) is yet to made for around volunteers nationwide. That we can affirm as at the time of publishing this report.
Furthermore, this online news medium observed that beneficiaries are frustrated with the current situation.