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Federal Government Unveils Social Security Expansion to Aid Unemployed Graduates


By Grace Chigbu


In a bid to tackle the economic challenges faced by unemployed graduates, the Federal Government has announced plans to extend social security payments to individuals with qualifications from the Nigerian Certificate in Education (NCE) and above. The initiative, unveiled by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, aims to provide stipends to unemployed youths, with a particular focus on graduates, to alleviate their financial burdens.


The announcement came following the Federal Executive Council meeting, where Edun reiterated the government’s commitment, under the leadership of President Bola Tinubu, to support the most vulnerable segments of society and mitigate the impact of rising food prices on purchasing power.


Emphasizing the importance of addressing economic adjustment challenges, Edun also revealed the establishment of a social consumer credit scheme. Led by the Chief of Staff to the President, Femi Gbajabiamila, this scheme seeks to make consumer credit more accessible, thereby making essential goods more affordable and stimulating economic revitalization.


Furthermore, Edun underscored the resumption of the Social Investment Programme, which will entail direct payments to 12 million households, benefiting approximately 60 million Nigerians. The disbursements will be facilitated through bank accounts or mobile money wallets, with beneficiaries being identified using their National Identity Number and Bank Verification Number to ensure transparency and prevent duplicative payouts.


Speaking on the broader economic implications, Edun highlighted the positive impact of making consumer credit available, stating, “By making consumer credit available, goods become more affordable, and the economy even gets a chance to revive faster because people have purchasing power that allows them to order goods, products.”


The announcement of these initiatives underscores the government’s proactive approach to addressing socio-economic challenges and fostering inclusive growth. As efforts to expand social security measures gain momentum, the hope is that unemployed graduates and vulnerable populations will receive much-needed support to navigate through these trying times and contribute to the country’s economic recovery.


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