NEXIT: The Clueless Sadiya Farouq and Docile Central Bank's Greek Gift to Exit N-Power Volunteers

 

Clueless Sadiya Farouq and docile central bank's Greek gift to exited N-Power volunteers: A case of grand deception by Justin Tsegba:

Ever since the news broke yesterday, about the launch of a new portal, NEXIT, where the exited N-Power beneficiaries will be required to apply for Central Bank affiliated credit facility for entrepreneurship options, I have made frantic efforts through my connections to understand clearly what this new development is all about. 

But before I go on to reveal some of the processes and conditionalities that one must fulfill to benefit from the proposed NEXIT programme, I would like to state for clarity purpose, that I was one of those who initially cheered this new initiative. But at this very moment, as I write, those excitement has dried and disappeared.

The new arrangement, if anything, is only but a Trojan horse being dangled before the ex-volunteers which if accepted, will leave them NOT better than they are now. But will at the same time give the government room to go about telling anyone who cares to listen that it has settled and/or as they would love to say it "transitioned the exited volunteers into a new stage of Independence". This will soon prove prophetic.

Still, volunteers will remain at the receiving end. NEXIT is not even Sadiya Farouq's idea. It wasn't even an hour effort. It was only a suggestion thrown by a junior staff that a special platform be created for the agitating former volunteers to simply apply for one of the existing various federal government youth empowerment loans. 

Now here are some of the processes and conditionalities one must meet to access various existing Central Bank entrepreneurship loans for those who will meet the bogus criteria in place.

The first question should be if you will meet the criteria for CBN credit. The exact amount for entrepreneurship option will most likely be determined by the size of the your existing business or proposed business plan. 

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 other CBN loan as a beneficiary.