Unveils Youths Empowerment Fund, Loans For Affected Businesses
Spends N43.27bn On Medicals, Food Palliatives
As promised, the Central Bank of Nigeria (CBN), on Wednesday said the Coalition Alliance Against COVID-19(CACOVID), which it championed in the wake of the outbreak of the Coronavirus (COVID-19) in the country, says it will fully rehabilitate all 44 damaged and destroyed police stations nationwide in the aftermath of the endSARS mayhem across the country.
The move, the coalition said in a press statement, is in a bid to restore security in affected locations, just as it will further strengthen the security apparatus in the country with “over N100bn to procure equipment and gadgets for the Nigerian Police Force over the next two years; as our contribution to fully modernize the Nigerian Police.”
Still as part of the gesture, the statement said banks and financial institutions, under the aegis of the Bankers’ Committee, will extend concessionary loans to enable affected businesses and firms, rebuild and restock their stores and remain in business.
Also as part of the economic restoration blueprint, and as part of checking youth unemployment, a critical factor behind the unrest, CACOVID also committed to creating a high impact youth development programme to offer technical and vocational education to over four million Nigerian youths over the next five years. Students will be trained on craftwork, plumbing, masonry, capentry, and other artisanal related skills for which sufficient demand exist in Nigeria, deploying an estimated N150bn towards setting up and implementing the youth development programme, which will be available at select training centres across the country.
Products of the programme will be eligible to receive loans from a N25bn fund to support their entrepreneurial pursuits, including the acquisition of related equipment to conduct business activities.
“The ultimate objective is to provide young Nigerians with employable skills sets that will enable them to live a gainful life. We believe this initiative can lead to the creation of over four million jobs over the next five years,” it added.
There also plan to complete the Creative centre at National Arts Theatre area of Lagos in four select areas namely; ICT and software design / development, Fashion, Music and Movies at an estimated cost of over N40bn by the Bankers Committee.
Meanwhile, the coalition said it spent a total of N43,272,562,831 on medicals, food palliatives for vulnerable Nigerians during the lockdown, recalling that its ultimate objective was to partner government in providing support in areas that would improve health with testing capability, and management of positive cases of COVID-19 in the country.
Specifically, it said kind donations and funds totaling N39,646,100,039 were receivedin support of the fight against COVID-19, from over 200 well-meaning Nigerians and corporate organizations, without saying how the difference was sourced.
To judicious utilization of the funds, it said a transparent and accountable framework was put in place, with the appointment of KPMG Professional Services as book keepers and Messrs Enrst and Young as Auditors the promise of open and transparent utilization of the funds donated.
The funds were spent in support of three priority areas such as medical facilities and equipment building isolation centres, food relief programmes, and communication plan
Specifically, the statement said a total of N4,194,262,899 was spent on building and equipping 39 isolation centres across the 36 States of the country and the Federal Capital Territory (FCT); while medical equipments like PCR test kits for suspected cases of COVID-19, among others at N9,017,561,723.
In other to cushion the effects of the lockdown on vulnerable Nigerians affected by the restrictions in movement, CACOVID said it provided palliatives in the form of essential food items to 1.7m households, equivalent to supporting eight million Nigerians at N28,767,590,517 and disbursed by various state governments.
Continuing, the coalition said it “worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. Print, TV, radio and social media were leveraged as part of CACOVID communication plans.
The statement noted the resolve by CACOVID and the Bankers’ Committee, comprising management of the CBN and Chief Executives of banks in the country and critical stakeholders in the private sector, to support government’s confidence rebuilding efforts in the economy.
