The Federal Government has said that it would extend its social security payment net to graduates with qualifications from NCE and upwards.
Addressing journalists after the Federal Executive Council meeting on Monday, the minister of finance and coordinating minister of the economy, Wale Edun, disclosed that the programme would see unemployed Nigerian youths being paid stipends.
He said the president had instructed that the Social Security unemployment programme be devised, particularly to cater for the youth, for the unemployed graduates, as well as the society as a whole to assist in giving purchasing power to the people.
The Minister noted that in the nearest future, an unemployment benefit would be paid to the young unemployed, in particular.
Similarly, Edun said the federal government will urgently establish a consumer credit scheme to alleviate the pains of economic adjustment.
He explained that the Chief of Staff to the President, Femi Gbajabiamila, will lead a committee that includes the Minister of Budget and Economic Planning, the Attorney-General of the Federation and himself, the Coordinating Minister of the Economy.
He noted that by making consumer credit available, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods and products,.
Edun also spoke on the review implemented by the Special Presidential panel on the National Social Investment Programme, which has submitted a preliminary report to the president.
He added that the direct payments to 12 million households comprising 60 million Nigerians is to resume immediately with the important condition that every beneficiary will be identified by their national identity number and the bank verification number.
The minister hinted that each person that receives 25,000 Naira for a total of three months will be identifiable, even after they have received the money, it will be clear who it went to and when it went to them.
On his part, the Minister of Communications and Digital Economy, Dr Bosun Tijjani, explained that beneficiaries would be vetted through their Bank Verification Number and National Identity Numbers to avoid multiple payouts to one individual.