The Federal Government has said it would extend its social security payments net to unemployed Nigerian youths
The minister of finance and coordinating minister of the economy, Wale Edun, disclosed this while briefing journalists after the Federal Executive Council meeting on Monday. He said that the programme 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.
“So, we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular,” the Minister announced.
Edun also revealed that the FG will urgently establish a consumer credit scheme to alleviate the pains of economic adjustment.
“There is coming 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.
Speaking on the review implemented by the Special Presidential panel on the National Social Investment Programme, Edun said 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.”
“So, the direct payments to 12 million households comprising 60 million Nigerians is to resume immediately with the important provision that every beneficiary will be identified by their national identity number and the bank verification number,” he added.
“Therefore, payments will be made into bank accounts or mobile money wallets. So, that 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.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
