Journalism of Courage

N-power: FEC approves N5.5bn for training of 12,000 unemployed youth  

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, has approved N5.5 billion for the training of 12,000 unemployed youth in the country under the N-Power social intervention programme.
The training which will last for nine months for selected youths across the six-geo political zone, will enable the beneficiaries assemble, repair and maintain electronic products such as mobile phones, competing devices, among others.
Briefing State House Correspondents on Wednesday, the Minister of Budget and National Planning, Udoma Udoma, said the programme was open to all unemployed youth, irrespective of their educational background.
According to Udoma, the training of each of the beneficiaries will cost N259,000.
He further stated that the scheme is targeted at creating jobs for 60,000 Nigerians aged 18-25 years, adding that
at the end of the training tagged, “N-power knowledge multi track youth empowerment programme”, the beneficiaries would be given working tools worth N207,000.
He said: “Each of the 12,000 beneficiaries will train five others, making a total of  60,000. The idea is to make our youth entrepreneurs, employing others.”
The FEC also approved engagement of seven transaction partners for the execution of Promissory Note Programme, for the settlement of Inherited Local Debts and Contractual Obligations of the Federal Government in the sums of N689.96 million.
The Minister of Finance, Zainab Ahmed, told newsmen that the inherited debt estimated at N3.4 trillion, covered a number of debt owned by the Federal Government to states and other business interests in the country.
The appointed transaction partners; KPMG Professional Services at a cost of N164,657,195.67 million, Zenith Bank Plc and Zenith Capital at a cost of N14,294,331.50 million, Coronation and Access Bank Plc at a cost of N14,294,331.50 million and UBA and United Capital at a cost of N14,294,331.50 million, will serve as joint financial advisers, while SimmonsCooper Partners got N53,703,771.80 million, Damian Dodo and Partners N53,703,771.80 million and Perchstone and Graeys N53,703,771.80 million, will serve as joint legal advisers.
The minister said the N3.4 trillion which would be sourced from the proceeds of Federal Government of Nigeria Securities Issuance, will have the Debt Management Office (DMO), issue appointment letters to the transaction parties as well as execute relevant contracts with the transaction partners on behalf of the government.
Persecond News Recalls that FEC had at its meeting on July 12, 2017, approved the establishment of a Promissory Note Programme for the settlement of inherited local debts and contractual obligations of the Federal Government put at N3.4 trillion.
In December 2018, NASS had approved the Issuance of Promissory Notes to two creditor categories from the Programme which saw refund made to 21 State Governments for projects executed on behalf of the Federal Government at a cost of N488,743,526,204.77 billion and payment to oil marketing companies (OMCs) for fuel supply accrued interest and foreign exchange differentials at a cost of N348,003,054,975.00 billion.
Breakdown of the estimated debt to be managed by the seven transaction partners in a document obtained from DMO include Pension Liabilities of N400 billion, Unpaid Salaries and 3rd party deductions of N24.95billion, Staff Claims of N270 billion, Part of Contractors Claims of N45.36 billion and Fuel Supply Accrued interest and Foreign Exchange differentials of N514.29 billion.
Others are Part of State Governments Claims of N487.85 billion, Ministry of Health Outsourced Liabilities of N9.04 billion, Major Contractors sum of N596.51 billion, Export Expansion Grant (EEG) Scheme of N350.12 billion, Judgement debt of N112.96 billion, DISCOS debt of N26.71 billion and GENCOS N495.67 billion.
The Minister of Finance added that FEC also approved the sum of $6.8 million loan from AfDB, to finance inclusive basic service delivery and livelihood empowerment integrated programme for the rebuilding of the North-east.
The facility is a concessionary loan, that has an interest rate of one per cent and it is payable over a 30-year period and has five years moratorium.
Meanwhile, a total of 20 ecological projects executed in nine states and Federal Capital Territory (FCT) are ready for handing over.
Three of the projects are in Bauchi state, two in Yobe, seven in FCT, two in Kebbi, with one each in Ekiti, Kano, Nasarawa, Benue, Katsina and Jigawa states.
This was disclosed by the Special Adviser to the President on Media and Publicity, Femi Adesina, at the briefing.
According to him, a total of 166 ecological fund projects have been awarded by the Buhari administration across the country out of which 93 of them have been completed and handed over to benefiting communities.
He said: “twenty others are ready for handing over as we speak. They are on erosion and flood.”
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