Federal Government to start paying Unemployed youth in Benefits and Consumer Credit Program.
In a significant move to address the challenges of unemployment among Nigerian youths, the Federal Government has announced the extension of social security payments to graduates with qualifications from NCE and upwards. This groundbreaking initiative aims to provide stipends to unemployed youths, offering much-needed support during a period of heightened food prices.
Speaking to journalists after the Federal Executive Council meeting, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the government’s commitment to empowering the nation’s youth and alleviating economic hardships. He highlighted the urgency of implementing a Social Security unemployment program tailored specifically for unemployed graduatesunemployed graduates and the broader society.
“In light of the current economic challenges, particularly the escalating food prices, Mr. President has pledged to take decisive steps to enhance the purchasing power of the most vulnerable, and to that end, he has directed the creation of a Social Security unemployment program,” announced Minister Edun.
He went on to reveal that this program would introduce unemployment benefits for young Nigerians facing joblessness, demonstrating the government’s dedication to supporting the youth and addressing societal concerns. The implementation of this initiative is expected in the near future.
Additionally, Minister Edun unveiled another vital measure undertaken by the Federal Government to ease economic adjustments—a consumer credit scheme. This scheme, set to be promptly established, aims to provide relief to individuals navigating economic challenges.
Heading the committee responsible for the establishment of the consumer credit scheme is Femi Gbajabiamila, the Chief of Staff to the President. The committee comprises key figures such as the Minister of Budget and Economic Planning, the Attorney-General of the Federation, and Minister Edun himself, the Coordinating Minister of the Economy.
This comprehensive approach underscores the government’s commitment to not only provide immediate financial relief to the unemployed youth but also to initiate long-term measures for economic stability. As these initiatives unfold, they represent significant strides towards building a resilient and empowered Nigerian society.
