Federal Government approves N4500 beneficiaries of the N-Power

An additional N4500 has been approved by the FG as a grant to purchase skill enhancing electronic gadgets for beneficiaries of the N-Power initiative.

The Federal Government has added an additional N4500 grant to the beneficiaries of the N-Power Volunteer Corps as 150,000 of the 200,000 engaged graduates have confirmed getting their N30,000 monthly stipends.

Laolu Akande, Senior Special Assistant on Media & Publicity to the President, Office of the Vice President made this disclosure while giving an update today on the Social Investment Programmes of the Buhari administration.

Akande revealed that at the last count 149, 669 Nigerian graduates of the 200,000 engaged by the Federal Government under the N-Power Volunteer Corps are now collecting their monthly stipends of N30,000 monthly having been physically verified and deployed across the 36 states and FCT.

Explaining the new addition, Akande said the FG approved the additional N4500/monthly to all the 200,000 N-Power beneficiaries to purchase an electronic device which would be loaded with different applications that would further enhance the skills of the beneficiaries and afford them additional training opportunities during the two-year duration of the job program.

In his words: “This device grant is in conjunction with the Bank of Industry (BoI) who has extended an asset finance of 20 months to each of the 200,000 N-Power beneficiaries.

“While each of the beneficiaries after being verified would select their choice of device amongst nine different BOI pre-approved vendors, the price ranges from N3,000 to N6,700 monthly deductions for the next 20months.

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“Therefore in some cases the N4500 device grant would cover the full monthly deduction cost while in other cases the graduate authorizes BOI to deduct the additional differential cost from their monthly stipends depending on the device chosen,” he said.

He said almost 100,000 graduate N-Power beneficiaries have completed their orders for the devices as at press time, adding that the Bank of Industry is in charge of effecting the orders made. The plan is to conduct the order of the devices in two batches of 100,000 each, one after the other.