FG plans to disburse youth unemployment benefits and establish a consumer credit program

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The Federal Government unveiled plans on Monday to expand its social security coverage to include graduates holding qualifications from the NCE level and above.

During a press briefing following the Federal Executive Council meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that unemployed Nigerian youths, including graduates, would receive stipends under this program.

“In response to the current challenges posed by elevated food prices, the President has committed to taking measures to support the poorest segments of society,” Edun stated. “As part of these efforts, a Social Security unemployment program will be established, focusing on unemployed youths and graduates.”

Additionally, Edun announced the urgent establishment of a consumer credit scheme aimed at easing the economic hardships faced by citizens.

“A social consumer credit program will soon be introduced,” he said. “By facilitating access to consumer credit, essential goods become more affordable, thereby stimulating economic recovery.”

Edun also provided updates on the review conducted by the Special Presidential Panel on the National Social Investment Programme (NSIP). He highlighted the successful aspects of the program, such as the Government Enterprise and Empowerment Programme (GEEP), which has benefited 400,000 individuals.

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Furthermore, Edun emphasized the importance of identifying beneficiaries using their National Identity Numbers (NIN) and Bank Verification Numbers (BVN) to ensure transparency and prevent duplication of payments.

“Each beneficiary will receive 25,000 Naira monthly for three months, with payments made directly into their bank accounts or mobile money wallets,” Edun explained. “This approach ensures that beneficiaries are properly identified and eliminates the risk of duplicate payments.”

In support of these efforts, the Minister of Communications and Digital Economy, Dr. Bosun Tijjani, emphasized the use of BVN and NIN data to authenticate beneficiaries and prevent fraudulent claims.

“Our strategy involves leveraging existing data sets, such as the BVN and NIN databases, to verify beneficiaries’ identities,” Tijjani stated. “This will ensure that payments are made accurately and transparently, with no individual receiving multiple payouts.”

Overall, these initiatives demonstrate the government’s commitment to addressing economic challenges and providing support to vulnerable segments of society.

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