Federal Government to Pay Youth Unemployment Benefits, Unveils Consumer Credit Programme

The Federal Government has announced plans to extend social security payments to unemployed graduates, starting from those with qualifications from NCE and upwards. The initiative, revealed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, will involve the disbursement of stipends to unemployed Nigerian youths.

“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,” stated Minister Wale Edun during a press briefing after the Federal Executive Council meeting on Monday.

The Minister further disclosed the imminent establishment of a consumer credit scheme, led by Chief of Staff to the President, Femi Gbajabiamila. This scheme aims to provide relief during economic adjustments by making consumer credit available, making goods more affordable and facilitating a faster economic revival.

Edun highlighted the ongoing review by the Special Presidential panel on the National Social Investment Programme, emphasizing that direct payments to 12 million households comprising 60 million Nigerians would resume. The payments, totaling 25,000 Naira per person for three months, will be made into bank accounts or mobile money wallets, ensuring transparency and accountability through national identity number and bank verification number verification.

Minister of Communications and Digital Economy, Dr. Bosun Tijjani, clarified that beneficiaries would undergo vetting using their Bank Verification Number (BVN) and National Identity Number (NIN) to prevent multiple payouts to a single individual.