FG to pay youth unemployment benefits, sets up consumer credit programme

The Federal Government on Monday said it would extend its social security payments net to graduates with qualifications from NCE and upwards.

Addressing journalists after the Federal Executive Council meeting on Monday, the minister of finance and coordinating minister of the economy, Wale Edun, disclosed that the programme would see unemployed Nigerian youths being paid stipends.

“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 and in that line.

“He has committed and instructed that the Social Security unemployment programme be devised, particularly to cater for the youth, for the 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 Minister announced.

Similarly, Edun said the FG will urgently establish a consumer credit scheme to alleviate the pains of economic adjustment.

He explained that the Chief of Staff to the President, Femi Gbajabiamila, will lead a committee that includes the Minister of Budget and Economic Planning, the Attorney-General of the Federation and himself, the Coordinating Minister of the Economy.

“There is coming a social consumer credit programme. By making consumer credit available, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” he stated.

He said, “One of the initial moves that we’re making is leveraging the existing dataset that we have on our people. As you know, the BVN is well known to be extremely credible. NIN on the other side, which is now the most popular data identity system for Nigeriansm, is also to a largest and credible, and it covers quite a significant number of people as well.

“And what we’re looking to do here is the triangulation of this data set to ensure that not only are we using the register that has been properly populated, but that we also do proper verification of every individual that will benefit from that social investment programme, which means we will get commitment to ensuring that no one is paid twice, because you have to be properly IDed before you can benefit from that programme.”

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