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

Juliana Taiwo-Obalonye, Abuja

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, has approved N5.5 billion for the training of 12,000 unemployed youths in the country under the N-Power social intervention programme.

The training, expected to last for nine months for the selected youths across the six-geo political zones, will enable the beneficiaries assemble, repair and maintain electronic products such as mobile phones, competing devices, among others.

Briefing State House Correspondents at the end of the three-hour meeting, the Minister of Budget and National Planning, Udoma Udoma, said the programme was open to all unemployed youths, irrespective of their educational background. 

The minister said that the training of each of the beneficiaries would cost N259,000.

He said employment scheme is targeted at creating jobs for 60,000 Nigerians aged 18-25 years.

At the end of the training tagged, “N-power, knowledge multi track youth empowerment programme”, the minister said the beneficiaries would be given working tool of N207,000.

“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,” he said.

The contract is awarded to Softcom limited.

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 as 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.