FG to extend social benefits to unemployed graduates

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Abuja, Feb. 27, 2024 – The Federal Government is to extend its social security payments net to graduates with qualifications from NCE and upwards.

Wale Edun, the Minister of Finance and Ccoordinating Minister of the Economy, disclosed this to journalists in Abuja on Monday.

“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 programme 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,” the Minister announced.

Edun also said the Federal Government would soon establish a consumer credit scheme to alleviate the pains of economic adjustment.

He said the government would set up a committee to work out the modalities.

Edun said Femi Gbajabiamila, the Chief of Staff to the President, would lead the committee which would include the Minister of Budget and Economic Planning, the Attorney-General of the Federation and himself.

 “So, the direct payments to 12 million households comprising 60 million Nigerians is 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, that 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 payments to beneficiaries.” (GBN)

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