FG to pay youth unemployment benefits

 FG to pay youth unemployment benefits, set up consumer credit program.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, on Monday disclosed that President Bola Tinubu has directed the design of a Social Security unemployment program where unemployed Nigerian youths will be paid.

The Minister disclosed this while briefing State House correspondents at the end of the Federal Executive Council, FEC, meeting presided by President Tinubu at the Council Chamber, Presidential Villa, Abuja. 

According to him, “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 program be devised, particularly to cater for the youth, for the unemployed graduates, as well as the society as a whole. He said that the president gave highlights to the Council meeting noting that what was done was “a review of the existing mechanisms, a review of the existing programmes, and where there have been successes, such as the 400,000 beneficiaries of the Geep programme, and so on and so forth.” 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.