The Federal Government has announced plans to extend social security payments to graduates holding qualifications from the National Certificate in Education (NCE) and above.
Following the Federal Executive Council meeting on Monday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that this initiative aims to provide stipends to unemployed Nigerian youths.
“In response to the current challenges posed by heightened food prices, the President is committed to assisting the poorest by implementing a Social Security unemployment program. This program will specifically target unemployed graduates and youth, as well as the wider society,” stated the Minister.
Furthermore, Edun disclosed that a consumer credit scheme will be established urgently to mitigate the economic challenges. This scheme will be overseen by a committee led by the Chief of Staff to the President, Femi Gbajabiamila, along with the Minister of Budget and Economic Planning, the Attorney-General of the Federation, and himself.
“The introduction of a social consumer credit programme will enhance the affordability of goods and stimulate economic recovery by empowering individuals with purchasing power,” Edun emphasised.
Additionally, the Minister addressed the findings of the Special Presidential Panel on the National Social Investment Programme, highlighting a preliminary report submitted to the President. He reiterated the government’s commitment to resume direct payments to 12 million households, consisting of 60 million Nigerians, with each beneficiary identified through their National Identity Number and Bank Verification Number to ensure transparency and accountability.
The Minister of Communications and Digital Economy, Dr. Bosun Tijjani, underscored the importance of leveraging existing datasets, such as the BVN and NIN, to vet beneficiaries and prevent multiple payouts to individuals.
“We are committed to ensuring proper verification to avoid duplicate payments and to ensure that every individual benefiting from the social investment programme is duly identified,” Tijjani affirmed.
