FG Initiates Youth Unemployment Benefits & Consumer Credit Program

The Federal Government announced on Monday its intention to broaden social security payments to graduates holding qualifications from NCE and beyond.

During a press briefing after the Federal Executive Council meeting on Monday, Wale Edun, the minister of finance and coordinating minister of the economy, shared that the programme would include paying stipends to unemployed Nigerian youths.

He observed that during this period of elevated food prices, Mr. President has vowed to do everything in his power to aid in providing purchasing power to the poorest.

He also mentioned his commitment and instruction for the development of the Social Security unemployment program, specifically targeting the youth, unemployed graduates, and society as a whole.

"So, we are introducing an unemployment benefit for young unemployed individuals in the near future," the Minister announced.

Edun also stated that the FG will quickly create a consumer credit scheme to help ease the economic adjustment difficulties.

Explaining further, he mentioned that the committee, headed by the Chief of Staff to the President, Femi Gbajabiamila, will consist of the Minister of Budget and Economic Planning, the Attorney-General of the Federation, and himself, the Coordinating Minister of the Economy.

Edun also addressed the review carried out by the Special Presidential panel on the National Social Investment Programme, which has submitted a preliminary report to the president.

Noting that the president provided the highlights of the Council meeting, he mentioned that the actions taken included reviewing existing mechanisms, programs, and successful initiatives like the 400,000 beneficiaries of the GEEP program.”

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.

The Minister of Communications and Digital Economy, Dr Bosun Tijjani, emphasized the need to vet beneficiaries through their Bank Verification Number and National Identity Numbers to avoid multiple payouts to one individual.

One of the first steps mentioned is leveraging the existing dataset on our people, as the BVN is highly credible, while the NIN, now the most popular data identity system for Nigerians, is also one of the largest and credible, covering a significant number of people.