The Federal Government announced plans to broaden its social security coverage to include graduates with qualifications from the Nigerian Certificate in Education (NCE) level and above.
This initiative aims to provide stipends to unemployed Nigerian youths, as revealed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a press briefing after the Federal Executive Council meeting.
Amidst rising food prices, President Muhammadu Buhari has committed to bolstering the purchasing power of the poorest segments of society, particularly the youth and unemployed graduates. Edun stated that a comprehensive Social Security unemployment program is forthcoming, tailored to address the needs of the youth and the unemployed.
Furthermore, the government will expeditiously establish a consumer credit scheme to mitigate the challenges posed by economic adjustments.
This initiative, spearheaded by Femi Gbajabiamila, the Chief of Staff to the President, in collaboration with key stakeholders such as the Minister of Budget and Economic Planning and the Attorney-General of the Federation, aims to enhance affordability, stimulate economic activity, and facilitate a swift economic recovery.
Edun also highlighted the recent review of the National Social Investment Programme conducted by a Special Presidential panel. The review, which received a preliminary report, emphasized the importance of accurately identifying beneficiaries through their national identity number and bank verification number.
This verification process ensures transparency and accountability in disbursing stipends, with payments made directly into verified bank accounts or mobile money wallets. Additionally, measures will be implemented to prevent duplicate payments to individuals.
Dr. Bosun Tijjani, the Minister of Communications and Digital Economy, underscored the significance of leveraging existing datasets, such as the Bank Verification Number (BVN) and National Identity Number (NIN), to authenticate beneficiaries and prevent fraudulent activities. By cross-referencing these datasets, the government aims to ensure the integrity of the social investment program and prevent double payments.
These initiatives reflect the government’s commitment to addressing socioeconomic challenges and supporting vulnerable segments of society, ultimately fostering inclusive growth and development.
