Africa Choice TM
Member
As Announce Yesterday, the Nigeria Government Set To Create Youth Unemployment Benefits: Mr. Wale Edun!!! Minister of Finance
President Bola Tinubu's administration has directed the creation of a Social Security Unemployment Programme where unemployed Nigerian youths will be paid to ease current economic hardship
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced this while addressing reporters at the State House yesterday in Abuja after the Federal Executive Council (FEC) meeting presided over by President Tinubu.
He said: in the quote below
In that line, he has committed and instructed that the Social Security Unemployment Programme be devised, particularly to cater to the youth, for unemployed graduates, as well as the society as a whole.
So, we are mandated and the program is coming soon, in the nearest future, an unemployment benefit for the young unemployed, in particular.” The minister also said there are ongoing plans for setting up a Consumer Credit Scheme to alleviate the pains of economic adjustment.
“Finally, in the same line to emphasize that there is empathy… There is a feeling for those who are less well off or a feeling, particularly the pains of this adjustment, there is a social consumer credit program to assist them
“So, by making consumer credit available, of course, goods become more affordable, the economy even gets a chance to revive faster because people have the purchasing power that allows them to order for goods, products,” he said.
On various social investment programs, the minister said what was done was “a review of existing mechanisms, a review of existing programs, and where there have been successes, such as the 400,000 beneficiaries of the GEEP program, and so on”.
He said: “Those have been identified and recognized. The School Feeding program is another example of relative success. Whilst there is still some further work to be done, particularly as regards the availability of the financial data, which is still being looked at
The interim report has been submitted and a key recommendation of the panel was that, especially given the heightened, limited household purchasing power at this time, rising prices, particularly elevated food prices, it’s important to restart the program.
“The direct payment 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 (NIN) and the Bank Verification Number (BVN”) in a country where 95% of it citizens has less than 500,000 Naira deposit in their bank accounts.
“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 N25,000 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.
That is the big change that has allowed Mr. President to approve the restart of direct payments to beneficiaries program,” Edun said. Sign Up To Africa Choice for more incentives