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President Tinubu Directs Implementation of Social Security Unemployment Program

President Tinubu Directs Implementation of Social Security Unemployment Program Only 5 Percent of Nigerians Have N500k in Their Accounts, Says Minister Of Finance, Wale Edun
Wale Edun

President Bola Tinubu has directed the design and implementation of a Social Security unemployment program to alleviate the economic challenges faced by Nigerian youths.

The announcement was made by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, following the Federal Executive Council meeting chaired by President Tinubu.

During a briefing with State House correspondents, Minister Wale Edun disclosed President Tinubu’s commitment to assisting the poorest segments of society by implementing measures to bolster purchasing power.

The newly devised Social Security unemployment program aims to provide financial support to unemployed Nigerian youths, including graduates, and the wider society.

Additionally, Minister Edun highlighted the forthcoming consumer credit scheme, intended to mitigate the economic strains faced by citizens during periods of adjustment. This scheme aims to make goods more affordable, thereby stimulating economic activity.

The Minister also provided insights into the review conducted by the Special Presidential panel on the National Social Investment Programme (NSIP). The panel’s preliminary report, submitted to President Tinubu, emphasized the importance of restarting key programs, such as direct payments to households.

These payments, targeting 12 million households comprising 60 million Nigerians, will be facilitated through bank accounts or mobile money wallets, ensuring transparency and accountability in the disbursement process.

Furthermore, the report underscored the significance of verifying beneficiaries through their national identity number and bank verification number to prevent fraudulent claims and ensure efficient distribution of funds.

President Tinubu’s approval to restart the direct payments to beneficiaries program signals a concerted effort to address the economic challenges facing Nigerians, particularly in light of rising food prices and limited household purchasing power.

The directive from President Tinubu reflects a commitment to providing tangible support to vulnerable segments of society and fostering economic resilience amidst ongoing challenges.

With the implementation of these initiatives, the government aims to mitigate the impact of economic strains and empower citizens to navigate through turbulent times.

This Article is Fact-Checked. See Policy.
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