President Bola Tinubu has initiated a Social Security Unemployment Programme aimed at providing financial support to unemployed youths, easing economic hardship. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during a press briefing at the State House, Abuja, after the Federal Executive Council (FEC) meeting chaired by President Tinubu. The programme is designed to assist unemployed graduates and youths, as well as the broader society, by providing unemployment benefits.
In addition to the Social Security Unemployment Programme, plans are underway to establish a consumer credit scheme to alleviate economic challenges. This scheme aims to make goods more affordable and stimulate economic growth by providing purchasing power to individuals, thereby enabling them to purchase goods and services.
The Special Presidential panel on the National Social Investment Programme (NSIP) has submitted a preliminary report to President Tinubu. The panel reviewed existing mechanisms and programmes, highlighting successes such as the Government Enterprise and Empowerment Programme (GEEP) which has benefited 400,000 individuals. The school feeding programme was also noted as a relative success. The panel recommended the resumption of direct payments to 12 million households, comprising 60 million Nigerians, to mitigate the impact of rising food prices and limited household purchasing power. Payments will be made into bank accounts or mobile money wallets, with beneficiaries identified by their National Identity Number (NIN) and Bank Verification Number (BVN).
The resumption of the direct payments programme marks a significant change, ensuring transparency and accountability in the distribution of funds. Each beneficiary will receive 25,000 Naira for three months, with their identity verified before and after receiving the payment. This measure aims to ensure that funds reach the intended recipients, contributing to the economic well-being of the beneficiaries and the overall economy.
