FG Set To Pay Youth Unemployment Benefits

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Tuesday, February 27th, 2024

(AFRICAN EXAMINER) – The Federal Government on Monday stated that it would shift its social security payments net to graduates with qualifications from NCE and upwards.

Speaking with journalists after the Federal Executive Council meeting on Monday, the minister of finance and coordinating minister of the economy, Wale Edun, stated that the programme would see unemployed Nigerian youths getting stipends.

Edun said: “At this period of heightened food prices, Mr. President has committed to doing all that can be done to assist in giving purchasing power to the poorest and in that line.

“He has committed and instructed that the Social Security unemployment programme be devised, particularly to cater for the youth, for the unemployed graduates, as well as the society as a whole.

“So, we have, in the nearest future, an unemployment benefit for the young unemployed, in particular.”

He also disclosed that the FG will quickly create a consumer credit scheme to curtail the pains of economic adjustment.

“A social consumer credit programme. By making consumer credit available, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” he stated.

According to him, the Chief of Staff to the President, Femi Gbajabiamila, will head a committee that includes the Minister of Budget and Economic Planning, the Attorney-General of the Federation and himself, the Coordinating Minister of the Economy.

Edun also talked about the review implemented by the Special Presidential panel on the National Social Investment Programme, which has submitted a preliminary report to the president.

He disclosed that the president gave the highlights to the Council meeting noting that what was done was “a review of the existing mechanisms, a review of the existing programmes, and where there have been successes, such as the 400,000 beneficiaries of the GEEP programme”.
He added: “So, the direct payments to 12 million households comprising 60 million Nigerians is to resume immediately with the important proviso that every beneficiary will be identified by their national identity number and the bank verification number.

“Therefore, payments will be made into bank accounts or mobile money wallets. So, whether it is before or after, there is verification of the identity of beneficiaries.

“Each person that receives 25,000 Naira for a total of three months will be identifiable, even after they have received the money, it will be clear who it went to and when it went to them. And that is the big change that has allowed Mr. President to approve the restart of that direct payments to beneficiaries programme.”