In a significant move to alleviate the economic challenges facing Nigerian youths, President Bola Tinubu has mandated the creation of a Social Security Unemployment Programme. This initiative is aimed at providing financial support to unemployed Nigerian youths, thereby easing the economic hardship they face. 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 a Federal Executive Council (FEC) meeting led by President Tinubu.
Highlighting the government’s dedication to assisting the most vulnerable, especially in light of soaring food prices, Mr. Edun disclosed the president’s commitment to establishing an unemployment benefit scheme targeted at the youth and unemployed graduates, among others. This forthcoming programme is expected to offer a lifeline to the young unemployed population in the near future.
Additionally, the minister revealed plans to introduce a Consumer Credit Scheme as part of efforts to lessen the impact of economic adjustments. This scheme aims to make consumer goods more accessible and affordable, ultimately contributing to the economy’s quicker revival by enhancing people’s purchasing power.
Mr. Edun also touched upon the review conducted by a special presidential panel on the National Social Investment Programme (NSIP), which has already submitted a preliminary report to the president. The review focused on evaluating existing social investment mechanisms and identifying successful programmes, such as the GEEP programme and the School Feeding programme. Despite the need for further examination of financial data, the panel recommended the immediate resumption of direct payments to 12 million households, affecting 60 million Nigerians.
A notable aspect of this renewed programme is the stringent verification process using the National Identity Number (NIN) and the Bank Verification Number (BVN) to ensure transparency and accountability. Payments will be made directly into recipients’ bank accounts or mobile money wallets, with each beneficiary being clearly identifiable through their NIN and BVN, even post-disbursement.
This initiative by President Tinubu’s administration represents a significant step towards addressing the unemployment crisis and economic difficulties facing Nigerian youths. By providing direct financial support and enhancing access to consumer credit, the government demonstrates its empathy and commitment to improving the welfare of its citizens, particularly during these challenging times.
