The Federal Government has said it will commence payment to unemployed graduates with NCE and upwards through the Social Security Payment scheme.
The Minister of Finance and coordinating minister of the economy, Mr. Wale Edun disclosed this after the Federal Executive Council meeting held on Monday, he said the initiative is aimed at supporting Nigeria youths with regular stipend.
“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 and in that line.
“He has committed and instructed that the Social Security unemployment programme be devised, particularly to cater for the youth, 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,” said the Minister.
Edun also mentioned that the FG will setup a Consumer Credit scheme to releave the plights of Nigerians in respect to the economical situation relatively.
The Chief of Staff to the President, Hon. Femi Gbajabiamila, is to Oversee a committee that consists of the Minister of Budget and Planning, the Attorney General of the Federation and himself as Minister of Finance and Coordinating Minister of the Economy, he said.
“There is coming a social consumer credit programme. By making consumer credit available, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” he explained.
Additionally, Edun discussed the National Social Investment Program evaluation conducted by the Special Presidential team, which has provided the president with a preliminary report.
Noting that what was done was “a review of the existing mechanisms, a review of the existing programs, and where there have been successes, such as the 400,000 beneficiaries of the GEEP program,” he said that the president presented the highlights at the Council meeting.
He added, “So, the direct payments to 12 million households comprising 60 million Nigerians is to resume immediately with the important proviso that every beneficiary will be identified by their national identity number and the bank verification number.
“Therefore, payments will be made into bank accounts or mobile money wallets. So, that whether it is before or after, there is verification of the identity of beneficiaries.
“Each person that receives 25,000 Naira for a total of three months will be identifiable, even after they have received the money, it will be clear who it went to and when it went to them. And that is the big change that has allowed Mr. president to approve the restart of that direct payments to beneficiaries programme.”
Dr. Bosun Tijjani, Minister of Communications and Digital Economy, clarified that in order to prevent consecutive disbursements to a single person, participants would be screened using their National Identity Numbers and Bank Verification Numbers.
