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FG To Pay Unemployed Youths, Sets Up Consumer Credit Programme
Eko Hot Blog reports that the Federal Government announced on Monday that it will extend social security payments to unemployed graduates with qualifications from NCE and upwards.
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Addressing journalists after the Federal Executive Council meeting, Minister of Finance Wale Edun disclosed the government “would see unemployed Nigerian youths being paid stipends.”
“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,” Edun stated.
The Minister announced “we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular.”
Edun also said the FG will urgently establish a consumer credit scheme “to alleviate the pains of economic adjustment.”
A committee led by Chief of Staff Femi Gbajabiamila and including the Ministers of Budget, Justice and Finance “will make consumer credit available, so goods become more affordable, and the economy gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” Edun explained.
Edun noted a review of the National Social Investment Programme by a special presidential panel highlighted successes like the 400,000 GEEP beneficiaries.
Flag of Nigeria up close.
He said the direct payments to households “will resume immediately with the important proviso that every beneficiary will be identified by their national identity number and the bank verification number.”
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Minister of Communications Dr Bosun Tijjani added beneficiaries will be vetted through their BVN and NIN “to avoid multiple payouts to one individual.”
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