The Federal Government has announced plans to extend social security payments to unemployed graduates with qualifications from the Nigerian Certificate in Education (NCE) and upwards.
The program aims to provide stipends to unemployed youths, particularly graduates, to alleviate their economic challenges.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this after the Federal Executive Council meeting.
He emphasized the commitment of the government, led by President Bola Tinubu, to assist the poorest and address the impact of heightened food prices on purchasing power.
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Edun also announced the establishment of a social consumer credit scheme to ease economic adjustment challenges.
He said the scheme, led by the Chief of Staff to the President, Femi Gbajabiamila, will make consumer credit available, making goods more affordable and stimulating economic revival.
Additionally, the minister highlighted the resumption of the Social Investment Programme, with direct payments to 12 million households comprising 60 million Nigerians.
He said the payments will be made through bank accounts or mobile money wallets, and beneficiaries will be identified using their National Identity Number and Bank Verification Number to ensure transparency and prevent multiple payouts to individuals.
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“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,” he stated.
