Federal Government To Pay Stipends To Unemployed Nigerian Youths - Economy Minister

The federal government will pay stipends to unemployed Nigerian youths as the country is going through an economic crisis. However, these social security payments will be for those youth who are graduates holding a Nigerian Certificate of Education (NCE).

Speaking on Monday to the journalists after the Federal Executive Council meeting, Minister of Finance and Coordinating Minister of the Economy Wale Edun disclosed that the social security payments have been extended to the unemployed Nigerian youths.

Edun noted that President Bola Tinubu is currently focusing on increased food prices across Nigeria, adding that paying stipends to the unemployed will support their purchasing power, especially for those who are the poorest and on the poverty line.

"[Tinubu] 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, Punch reported.

He added, "So, we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular."

Edun also shared that the federal government will be establishing a consumer credit scheme and the Chief of Staff to President Femi Gbajabiamila will lead a committee that includes him, the Minister of Budget and Economic Planning, the Attorney-General of the Federation and the Coordinating Minister of the Economy.

"There is coming a social consumer credit program. 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," Edun said.

During the media briefing, the minister also spoke about the special Presidential panel on the National Social Investment Programme, which submitted a preliminary report to Tinubu.

In response, the president highlighted that he reviewed the existing mechanisms, programs and all the successes, including 400,000 beneficiaries of the GEEP program.

"So, the direct payments to 12 million households comprising 60 million Nigerians are to resume immediately with the important proviso that every beneficiary will be identified by their national identity number and the bank verification number," Edun said.

He added, "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."

Nigerians have been dealing with an economic crisis since Tinubu announced fuel subsidy removal on May 29 last year, which skyrocketed food and fuel prices in the country.