Headline news reports that the Federal Government announced on Monday its intention to extend social security payments to unemployed graduates holding qualifications from NCE and above.
Following the Federal Executive Council meeting, Minister of Finance Wale Edun revealed that the government “will provide stipends to unemployed Nigerian youths.”
“In light of the current high food prices, Mr. President is committed to assisting the poorest by ensuring increased purchasing power,” Edun stated. “To this end, the government will implement a Social Security unemployment program targeting unemployed graduates and the broader society.”
“We are soon launching an unemployment benefit specifically aimed at young job seekers,” the Minister announced.
Additionally, Edun emphasized the urgent establishment of a consumer credit scheme “to mitigate the effects of economic adjustment.”
A committee, headed by Chief of Staff Femi Gbajabiamila and comprising the Ministers of Budget, Justice, and Finance, will oversee the provision of consumer credit. According to Edun, this scheme aims to make goods more affordable, thereby stimulating the economy by boosting purchasing power.
Edun highlighted the successes of the National Social Investment Programme, including its 400,000 GEEP beneficiaries. He also noted that direct payments to households will resume immediately, contingent upon beneficiaries being identified by their national identity number and bank verification number.
Minister of Communications Dr. Bosun Tijjani added that beneficiaries will undergo vetting using their BVN and NIN to prevent multiple payouts to individuals.
