N-power Batch C: Engagement in 2020 infeasible as recession looms

While tension has risen for the 2020 N-power Batch C Program after months of concluding the application process, it is very indicative that their official engagement in the Federal Government youth empowerment program this year is unachievable.  

This is presented by the economic realities caused by the COVID-19 Pandemic which resulted in the termination of the Batch A and B N-power Program to reduce government running cost as crude oil price drifted downwards.

While the world economies struggle to recover from the COVID-19 economic downturn, Nigeria is said to have plunged into another recession.

Premium Times reports today that "the Nigerian economy has slipped into its second recession in five years as the gross domestic product contracted for the second consecutive quarter."

"The National Bureau of Statistics announced Saturday the nation’s GDP recorded a negative growth of 3.62 per cent in the third quarter of 2020."

"The country had earlier recorded a 6.10 per cent contraction in the second quarter."

"It is the nation’s second recession since 2016, and the worst economic decline in almost four decades."

"The Nigerian economy has been battered by the coronavirus pandemic, which caused a significant decline in oil revenues as global economic activities stalled for months."

It added that "the pandemic as well as border closure have seen the country record sustained inflation for more than two years, with the October figure of 14.25 per cent the highest in the last 30 months."

"The Central Bank of Nigeria in September cut interest rates to 11.5 per cent to help boost borrowing and support the economy. It was the second reduction in months."

"The latest development is likely to trigger a further cut of the policy rate. The monetary policy committee, which sets the rate, is to beging its two-day meeting on Monday."

The Federal Government while presenting programs set aside for Nigerian youths empowerment had however, in October, stated that processes were geared towards the engagement of Batch C N-power Beneficiaries within this month but the recent report of recession contradicts the intentions. 

Read also>>>N-power: Exit package very sketchy and shaky

Meanwhile, a sum of N400Billion (N350 billion recurrent and N50 billion capital expenditure) has been proposed to the National Assembly for the National Social Investment Program in 2021, out of which N142.3Billion (40.5% of recurrent expenditure) was proposed for feeding and dwarming of school children, and N2.7 billion for feeding utensils, devices for capturing and aprons for cooks, under the National Home Grown School Feeding Program.

Post a Comment