Thursday, April 18, 2024

Nigeria To Re-Design Social Security Unemployment Programme

Minister of Finance and Coordinating Minister for the Economy, Wale Edun says President Bola Ahmed Tinubu has directed the re-design of the Social Security unemployment programme to ensure payment of unemployed Nigerian youths and provide immediate reinstatement of transfer of N25,000 to 12 million households for 3 months.

He made this known after the FEC meeting on Monday presided by President Bola Tinubu at the Council Chamber, State House Abuja.

The Minister of Finance also disclosed that the government is also considering another programme that will boost the purchasing power of the Nigerian youth thereby considering another programme to boost the purchasing power of the Nigerian youth.

He said: “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.

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

“Finally, all in the same line, to emphasize that there is empathy. And there is feeling for those who are less well off, or feeling particularly the pains of this adjustment, there is a social consumer credit programme.

“So, by making consumer credit available, of course, 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 stated.

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Edun also spoke on the review carried out by the Special Presidential Panel on the National Social Investment Programme (NSIP), which has submitted a preliminary report to the president.

He told Journalists that the president gave the highlights to the Council meeting, noting that what was carried out 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.

“Those that have been identified and recognized are school feeding programmes which is another example of relative success. And whilst there is still some further work to be done, particularly, as regards the availability of the financial data, which is still being looked at, the interim report has been submitted and a key recommendation of the panel was that, especially given the heightened, limited household purchasing power at this time, rising prices, particularly elevated food prices, it’s important to restart the programme.

“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.

“Therefore, payments will be made into bank accounts or mobile money wallets. So, 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 payment to beneficiaries programme.” The Minister added.

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