“Each Person to Receive N25,000”: FG to Begin Distributing Money to Unemployed Nigerian Youths

• The federal government said that it will begin paying youths who are unemployed in the country
• The finance minister said this is a part of the government's effort to help poor Nigeria live through the hardship
• He also said that a consumer credit program will be created to this effect and will be headed by the President's Chief of Staff

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

FG announces plan to share N25,000 cash to 15m Nigerians monthly, gives condition to benefit

The federal government has pledged to expand social security benefits to graduates who meet NCE and higher qualification requirements.

It further said that youths in Nigeria who are unemployed would receive stipends from the initiative to help cushion the effect of economic hardship.

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Wale Edun, the minister of finance and coordinating minister of the economy, said this after the Federal Executive Council meeting on Monday, February 26.

According to the minister in a Punch report, the president has pledged to take all necessary steps to help the poorest people in line for greater purchasing power during this time of high food costs.

He said:

“The president has committed and instructed that the Social Security unemployment programme be devised, mainly to cater for the youth, the unemployed graduates, and the society as a whole.

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

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FG to set up credit scheme

Edun said the government would create a consumer credit program to lessen the hardships of economic adjustment.

He said that the Minister of Budget and Economic Planning and the Attorney-General of the Federation would be on a committee headed by the President's Chief of Staff, Femi Gbajabiamila.

He said:

“There is coming a social consumer credit programme. By making consumer credit available, goods become more affordable, and the economy can revive faster because people have purchasing power that allows them to order goods and products.”

Edun also discussed the National Social Investment Program evaluation conducted by the Special Presidential team, which provided the president with a preliminary report.

According to him, direct payments to 12 million homes, or 60 million Nigerians, will start immediately with each beneficiary identified by their bank verification and national identity numbers.

He added that money will be transferred to mobile money wallets or bank accounts. As a result, beneficiary identities will be verified, whether before or after.

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FG announces plan to share N25,000 cash to 15m Nigerians monthly, gives condition to benefit

He said:

“Each person that receives 25,000 Naira for three months will be identifiable. Even after receiving the money, it will be clear who 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 programme.”

Bosun Tijjani, Minister of Communications and Digital Economy, clarified that claimants would be screened using their National Identity Numbers and Bank Verification Numbers to prevent multiple payouts to a single person.

The federal government has pledged to expand social security benefits to graduates who meet NCE and higher qualification requirements.

It further said that unemployed youths in Nigeria would receive stipends from the initiative.

Tinubu's govt to distribute free palliatives

Legit.ng reported that the administration of Bola Tinubu will distribute free grain palliatives to needy Nigerians, Abubakar Kyari, minister of agriculture and food security, has said.

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Kyari disclosed that this is part of the Tinubu government's ongoing efforts to reduce hunger and hardship in the country, Vanguard newspaper reported.

The minister said necessary machinery and measures had also been implemented to ensure that only needy individuals and communities accessed the food palliatives.

Source: Legit.ng