In a groundbreaking move, the federal government is set to revolutionize support for unemployed youths with a monthly stipend of N25,000. The initiative, announced by Finance Minister Wale Edun, aims to strategically alleviate economic hardships faced by the unemployed populace.
This decision follows the Federal Executive Council meeting on February 26, where the Finance Minister emphasized the government’s commitment to supporting youth, particularly unemployed graduates. President’s directive led to the establishment of a Social Security Unemployment Programme, enhancing the purchasing power of the most vulnerable during challenging times of soaring food costs.
Edun stated, “So, in the nearest future, we have an unemployment benefit for the young unemployed, in particular.” The move addresses economic challenges faced by youths, contributing to their financial well-being. Additionally, a consumer credit program is part of the government’s economic adjustment strategy.
A committee, headed by the President’s Chief of Staff, Femi Gbajabiamila, will oversee this initiative, making consumer credit available to mitigate economic challenges and make goods more affordable for economic revival. The forthcoming National Social Investment Programme will bring direct payments to 12 million households, benefiting 60 million Nigerians. Beneficiaries will be identified through bank verification and national identity numbers, with funds transferred to mobile money wallets or bank accounts.
Minister of Communications and Digital Economy, Bosun Tijjani, assured thorough screening using National Identity Numbers and Bank Verification Numbers to prevent duplicate payouts. This initiative underscores the government’s commitment to supporting vulnerable populations and stimulating economic growth.
“As the program takes effect, anticipate a positive impact on the lives of unemployed youths across the country. Stay tuned for updates on this transformative government initiative.”
