President Bola Tinubu has given a directive for the establishment of a Social Security Unemployment Programme, signaling a proactive move to provide financial assistance to unemployed Nigerian youths and alleviate economic hardships.
The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press briefing at the State House in Abuja following the Federal Executive Council (FEC) meeting chaired by President Tinubu.
This initiative reflects a commitment to addressing the pressing issue of unemployment and demonstrates a concerted effort to ease the economic burden on the country’s youth.
In the words of Mr Edun:
“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. In that line, he has committed and instructed that the Social Security Unemployment Programme be devised, particularly to cater for the youth, for 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 coordinating minister of the economy also said there were plans for setting up of a Consumer Credit Scheme to alleviate the pains of economic adjustment.
“Finally, in the same line to emphasise 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 coming a social consumer credit programme.
“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.
The Minister of Finance also addressed the outcomes of a review conducted by a special presidential panel on the National Social Investment Programme (NSIP). He mentioned that the panel had submitted a preliminary report to President Tinubu.
Regarding the social investment programs, Edun explained that the review encompassed existing mechanisms and programs. It focused on evaluating the success of various initiatives, citing examples such as the Government Enterprise and Empowerment Programme (GEEP) with 400,000 beneficiaries. This review reflects an effort to assess and enhance the effectiveness of social investment programs to better serve the needs of the populace.
He said: “Those have been identified and recognised. The School Feeding programme is another example of relative success. Whilst there is still some further work to be done, particularly as regards 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 programme.
“The direct payment 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 (NIN) and the Bank Verification Number (BVN)…”
“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 programme,” Edun said.
