Business
Social Programme: FG To Recruit 200,000 Youth
The Federal Government has concluded arrangement for the recruitment of 200,000 youths in fulfillment of the President Muhammadu Buhari’s social intervention programme.
The recruits, according to Vice Presidential Spokesman, Laolu Akande are the first batch of the 500,000 to be recruited into the N-power programme.
He told correspondents that the youths were being posted to various states to begin work on Dec. 1 as teachers, agriculture extension workers and public health officials.
“In fulfillment of the President’s promise to hire half a million unemployed Nigerian graduates the first batch of 200,000 have now been engaged.
“What is happening now is that the state governments are going to be deploying those 200,000 to the three specific areas of need that have been identified under the N-Power programme.
“These areas are: education where we will have 150,000 of those selected in the first batch who will be teaching assistants helping in the schools in the states.
“Then we are going to have 30,000 who will work as agricultural extension workers in needs that had existed for a long time; and the Federal Government is going to be funding that.
“Then there will be 20,000 that will be working in the community health programme.’’
Akande said that between the time of the selection and Dec. 1, when those selected would begin work and earn stipends, the 36 states and FCT would be receiving the list of the recruits for their various states.
He said that three transparent criteria were used for the selection one of which was that 40 per cent of all applicants per state were selected.
He said the balance of 60 per cent was split to give special consideration to the six North East states which suffered insurgency.
He added that the third criterion was that consideration was given to states with lowest applications.
“The process is a very transparent one; we even tested the list before we released it; they were cross checked.
“The application was online and in some states with internet problems their leaders got the data from the people and uploaded them,’’ he said.
Akande said that the essence of the recruitment was to solve problems in the communities while those recruited would be posted to their places of residence.
He said that if any kind of discrepancy was found it would be corrected without delay.
He said the recruits would be issued with tablets having various entrepreneurship applications which they would own at the end of the intervention programme.
According to him, at the end of the two year period of the programme the youths would be better empowered as government expected better economy then.
“This is an intervention programme that will last for two years,’’ he added.
He said that government was working in partnership with the private sector to provide jobs for the youth at the end of the intervention.
“We do believe that the private sector is the one that can actually create jobs and government is working on several issues such as ease of doing business and others to spur the economy for the private sector to create jobs.
“We believe that in two years there will be more permanent jobs for many of them and that a good number of them will be ready to do things for themselves because the programme itself would have empowered them during the duration,’’ he added
The Spokesman hinted that the intervention programme would not end in the 2016 budget cycle as proposals were on to appropriate another N500 billion for social intervention programmes in the 2017 budget.
Akande said that the outstanding 300,000 youths would still be hired early next year explaining that the 200,000 was the first phase of the programme.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
