The Federal Government of Nigeria has announced an expansion of its social security program to include graduates with National Certificate of Education (NCE) qualifications and higher.
This revelation came from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a press briefing following the Federal Executive Council meeting on Monday.
The Minister detailed a plan to provide stipends to unemployed Nigerian youths, highlighting President’s commitment to support those affected by the current economic challenges, particularly the youth.
“He has committed and instructed that the Social Security unemployment programme be devised, particularly to cater 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,” Edun stated.
Additionally, Edun revealed plans for a consumer credit scheme aimed at easing the economic burdens on citizens. A committee led by the Chief of Staff to the President, Femi Gbajabiamila, will oversee this initiative, including the Minister of Budget and Economic Planning and the Attorney-General of the Federation.
This scheme aims to boost the economy by enhancing consumer purchasing power.
Edun also discussed the Special Presidential panel’s review of the National Social Investment Programme, which intends to resume direct payments to 12 million households, affecting approximately 60 million Nigerians. Notably, each beneficiary will be identified through their National Identity Number (NIN) and Bank Verification Number (BVN), ensuring transparency and accountability in the distribution of funds.
Echoing the emphasis on verification, the Minister of Communications and Digital Economy, Dr. Bosun Tijani, highlighted the use of BVN and NIN in vetting beneficiaries to prevent duplicative payouts.
He emphasized the government’s commitment to ensuring that every recipient is properly identified to maximize the program’s effectiveness and reach.
