FG Initiates N25,000 Monthly Stipends for Unemployed Nigerian Youths

The federal government has launched a bold initiative to provide monthly stipends of N25,000 to unemployed youths across the country. This initiative, announced by the Finance Minister, Wale Edun, is aimed at easing the economic burdens of the unemployed population and boosting their financial well-being.

The initiative was unveiled after the Federal Executive Council meeting on February 26, where the Finance Minister reiterated the government’s dedication to supporting the youth, especially unemployed graduates. The President has ordered the creation of a Social Security Unemployment Programme to improve the purchasing power of the most vulnerable amid rising food prices.

Edun said, “We are introducing an unemployment benefit for the young unemployed, in particular, in the near future.” This initiative will address the economic challenges faced by the youths and help them achieve financial stability. The government also plans to implement a consumer credit programme as part of its economic recovery strategy.

This programme, supervised by a committee led by the President’s Chief of Staff, Femi Gbajabiamila, will assist in overcoming economic difficulties by making consumer credit accessible. This is expected to make goods more affordable, promoting economic growth. Edun also mentioned the upcoming National Social Investment Programme, which will involve direct payments to 12 million households, or 60 million Nigerians, starting soon. Beneficiaries will be verified through their bank and national identity numbers, and the funds will be sent to their mobile money wallets or bank accounts.

Furthermore, the Minister of Communications and Digital Economy, Bosun Tijjani, explained that rigorous screening using National Identity Numbers and Bank Verification Numbers would be done to avoid duplicate payments to individuals. This initiative demonstrates the government’s commitment to supporting the vulnerable and stimulating the economy.

This initiative is expected to have a positive impact on the lives of unemployed youths across the country. Stay tuned for more updates on this innovative government initiative.