In a groundbreaking move, the federal government has announced its initiative to disburse monthly stipends of N25,000 to unemployed youths across the country.
This decision, disclosed by the Minister of Finance, Wale Edun, is a strategic step towards alleviating the economic hardships faced by the unemployed populace.
The announcement was made following the Federal Executive Council meeting on February 26, where the Finance Minister emphasised that the government’s commitment to support the youth, particularly unemployed graduates. The President has reportedly directed the establishment of a Social Security Unemployment Programme to enhance the purchasing power of the most vulnerable during these challenging times of soaring food costs.
According to Edun, “So, we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular.” This move aims to address the economic challenges faced by the youths and contribute to their financial well-being. Additionally, the government plans to implement a consumer credit programme as part of its economic adjustment strategy.
This initiative, overseen by a committee headed by the President’s Chief of Staff, Femi Gbajabiamila, will help mitigate economic challenges by making consumer credit available. This, in turn, is expected to make goods more affordable, fostering economic revival. Edun discussed the forthcoming National Social Investment Programme, highlighting that direct payments to 12 million households, or 60 million Nigerians, will commence immediately. Beneficiaries will be identified through their bank verification and national identity numbers, and the funds will be transferred to their mobile money wallets or bank accounts.
Also, the Minister of Communications and Digital Economy, Bosun Tijjani, clarified that thorough screening using National Identity Numbers and Bank Verification Numbers would be conducted to prevent duplicate payouts to individuals.” This initiative underscores the government’s commitment to supporting vulnerable populations and stimulating economic growth.
“As the programme takes effect, it is anticipated to have a positive impact on the lives of unemployed youths across the country. Stay tuned for further updates on this transformative government initiative.”
