FEC RELEASES N5.5BN

FEC RELEASES N5.5BN TO TRAIN 12,000 UNEMPLOYED YOUTHS
The Federal Executive Council on Wednesday approved N5.5bn for the training of 12,000 unemployed youths under the Federal Government’s N-Power Programme.

It will cost N259,000 to train each beneficiary in a pool to be selected from the six geopolitical zones of the country.

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The session was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Minister of Budget and National Planning, Senator Udoma Udo-Udoma, who spoke with State House correspondents after the FEC meeting, said the programme was open to all unemployed Nigerian youths.

He said up to 60,000 youths in within the 18-25 age group would be part of the scheme.

Besides the training, he stated that a beneficiary would be handed tools worth N207,000.

He added that in the contract to be awarded to Softcom limited, “each of the 12,000 beneficiaries will train five others, making a total of 60,000”.

Udo-Udoma added, “The idea is to make our youths entrepreneurs, employing others.”

The Minister of Finance, Mrs Zainab Ahmed, spoke on FEC’s approval of the appointment of seven transaction partners for the execution of Promissory Note Programme to settle inherited local debts and other contractual obligations.

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This will cost the government N689.96m.

According to her, the federal government and state governments owe N3.4tn in local debts.

She gave a breakdown of the contract share of each of the partners as follows: KPMG Professional Services (N164.6m), Zenith Bank Plc and Zenith Capital (N14.2m), Coronation and Access Bank Plc (N14.2m), UBA and United Capital (financial advisers) (N14.2m), SimmonsCooper Partners (N53.7m), Damian Dodo and Partners (N53.7m) and Perchstone and Graeys (N53.7m).

Ahmed added that the N3.4tn would be sourced from the proceeds of government’s securities issuance