The Coalition Alliance Against COVID (CACOVID) has budgeted nothing less than N250 billion to rehabilitate damaged police stations across the country and solve the issue of unemployment.
This is in response to the post-EndSARS violence which led to the loss of lives and valuable property last October.
This is according to a recent press release by the CBN, and seen by Nairametrics. The latest action is sequel to series of decisions reached at the stakeholders’ engagement under the CACOVID, which is aimed at developing measures that will support the government’s effort in rebuilding confidence in the nation’s economy.
What you should know
• In a bid to further strengthen the security apparatus in the country, CACOVID has committed to providing over N100 billion to procure equipment and gadgets for the Nigerian Police Force over the next 2 years.
• It also earmarked the sum of over N150 billion to set up and implement the Youth Development Programme which will be available at selected training centres across the country. The programme is expected to provide vocational and technical education for at least 4 million Nigerian youths over the next 5 years, with beneficiaries getting trained on craftwork, plumbing, masonry, carpentry, and other artisanal related skills for which sufficient demand exist in Nigeria.
- The selected student/beneficiaries will be eligible to access a N25 billion fund domiciled to support the entrepreneurial drive of the beneficiaries
- For the out-of-school graduates that possess certain Entrepreneurial skills, CACOVID will be working with Bankers Committee to complete the Creative center at National Arts Theater area of Lagos in four select areas namely; ICT and software design/development, Fashion, Music and Movies. This project is expected to cost the Bankers Committee over N40 Billion.
Other key resolutions of the Alliance include;
- Banks and financial institutions would be required to extend relief through concessionary loans to affected businesses and firms, so they can rebuild and restock their stores and continue to conduct their business activities
- CACOVID has committed to fully rehabilitate all 44 damaged and destroyed police stations nationwide in a bid to restore provision of security in affected locations.
Why it matters
The response is a way of complementing the Federal Government’s effort of rebuilding the economy which has been badly affected by the pandemic and violent demonstrations. As a way of forestalling future occurrences, CACOVID highlighted unemployment as a key issue that ought to be addressed, in lieu of that, a Youth Development Fund which is aimed at advancing entrepreneurship in the country, is mooted.