Economic hardship: Tinubu’s govt to pay allowances to unemployed graduates

In a bid to mitigate the economic challenges faced by unemployed graduates, the Federal Government, under the leadership of President Bola Tinubu, has unveiled plans to extend social security payments to individuals with qualifications from the Nigerian Certificate in Education (NCE) and beyond. This initiative aims to provide much-needed stipends to unemployed youths, particularly graduates, as part of broader efforts to alleviate economic hardships gripping the nation.

The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following the Federal Executive Council meeting, where he underscored the government’s commitment to supporting the most vulnerable segments of society and addressing the adverse effects of rising food prices on purchasing power.

In addition to the social security payments, Edun revealed the establishment of a social consumer credit scheme, spearheaded by the Chief of Staff to the President, Femi Gbajabiamila. This scheme is designed to facilitate access to consumer credit, thereby making essential goods more affordable and stimulating economic recovery across various sectors.

Furthermore, the minister highlighted the resumption of the Social Investment Programme, which will entail direct payments to 12 million households, benefiting approximately 60 million Nigerians. These payments will be facilitated through bank accounts or mobile money wallets, with beneficiaries identified using their National Identity Number and Bank Verification Number to ensure transparency and prevent duplication of payouts.

Edun emphasized the importance of making consumer credit readily available, noting that it not only enhances affordability but also contributes to the revitalization of the economy by empowering individuals with the purchasing power to access essential goods and services. This multi-faceted approach underscores the government’s commitment to addressing the pressing economic challenges facing the country and fostering sustainable growth and development for all citizens.