Economic Hardship: Good News as Tinubu Moves to Pay Unemployed Youths Monthly Stipend

Economic Hardship: Good News as Tinubu Moves to Pay Unemployed Youths Monthly Stipend

  • President Bola Tinubu's recent plan for Nigerian youths will gladden the hearts of many amid the high cost of living
  • As economic hardship bites harder, Tinubu has approved a social unemployment programme aimed at providing financial support to unemployed youths in the country
  • The federal government disclosed this through the minister of finance and coordinating minister of the economy, Wale Edun journalist Esther Odili has over two years of experience covering political parties and movements.

State House, Abuja - President Bola Ahmed Tinubu has directed the creation of a social security unemployment programme where unemployed Nigerian youths will be paid to ease the economic hardship.

Bola Tinubu, FG, youths, undergraduates
Youths to get a monthly stipend from federal government. Photo credit: @NGRPresident
Source: Twitter

The minister of finance and coordinating minister of the economy, Wale Edun, announced this on Monday, February 26, in Abuja, after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.

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As reported by The Nation, Edun also said there were plans for setting up a consumer credit scheme to alleviate the pains of the economic adjustment.

The minister spoke on the review carried out by a special presidential panel on the National Social Investment Programme (NSIP), which has submitted a preliminary report to the president, The Guardian reported.

Edu did not disclose a specific time of commencement and the duration of the implementation under Tinubu's government.

“Finally, in the same line to emphasise that there is empathy. There is a feeling for those who are less well off or a feeling, particularly the pains of this adjustment, there is coming a social consumer credit programme.
“So, by making consumer credit available, of course, goods become more affordable, the economy even gets a chance to revive faster because people have the purchasing power that allows them to order for goods, products,” he said.

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On the various social investment programmes, the minister said what was done was “a review of existing mechanisms, a review of existing programmes, and where there have been successes, such as the 400,000 beneficiaries of the GEEP programme, and so on and so forth.”

He said:

"The direct payment to 12 million households, comprising 60 million Nigerians, is to resume immediately with the important provison that every beneficiary will be identified by their National Identity Number (NIN) and the Bank Verification Number (BVN)."
“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,” Edun added.

Tinubu orders implementation of Oronsaye report

Meanwhile, President Bola Tinubu has ordered the merger of some agencies in his move to cut down the cost of governance by his administration.

This is as the presidency announced the plan to implement the Steve Oronsaye panel report on restructuring and rationalising the agencies and parastatals of the federal government.

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According to Bayo Onanuga, one of the spokespersons to President Bola Tinubu, the Oronsaye panel report was done 12 years ago, and a white paper was issued two years later. The decision to implement the report was reached at the Federal Executive Council meeting on Monday, February 26.


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