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President Bola Ahmed Tinubu has recently unveiled a plan to address the economic hardships faced by Nigerian youths. The initiative aims to provide financial support to unemployed youths in the country through a social unemployment programme.
This announcement comes as welcome news amid the high cost of living and increasing economic challenges.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this development after a Federal Executive Council (FEC) meeting presided over by President Tinubu. The programme will involve the payment of a monthly stipend to unemployed Nigerian youths, offering them some relief from the economic difficulties they face.
In addition to the social unemployment programme, plans are also underway to establish a consumer credit scheme.
This scheme aims to alleviate the pains of economic adjustment by making consumer credit available, thereby making goods more affordable and stimulating the economy.
The minister emphasized that the government is committed to addressing the challenges faced by those who are less well-off and ensuring that there is empathy towards the pains caused by economic adjustments. The review of existing mechanisms and programmes, such as the successful GEEP programme with 400,000 beneficiaries, will contribute to the effective implementation of these initiatives.
To ensure transparency and accountability, payments will be made directly into bank accounts or mobile money wallets of beneficiaries. Each beneficiary will be identified through their National Identity Number (NIN) and Bank Verification Number (BVN).
While specific details regarding the commencement and duration of the programme are yet to be disclosed, President Tinubu’s social unemployment programme offers hope to unemployed Nigerian youths and demonstrates the government’s commitment to improving their well-being.
