Jobless Youths to Collect Stipends under the Proposed Social Security Scheme

Jobless youths, including graduates, are to receive monthly stipend under a new social security program, amidst the rising costs of living in the country.

Finance Minister, Wale Edun announced this to the state house correspondents at the end of the weekly meeting of the federal executive council, presided over by President Tinubu on Monday.

Edun explained that the stipends were approved by President Tinubu under a social security unemployment program to boost the purchasing powers of the jobless youths in the country.

The minister said Tinubu had set up a committee headed by his chief of staff to develop the proposed scheme.

National Bureau of Statistics in a recent report said the unemployment rate in Nigeria increased by five percent in a population of over 200 million.

Therefore, payments will be made into bank accounts or mobile money wallets. So, whether it is before or after, there is verification of the identity of beneficiaries.

Read Also:

‘No Gree for Anybody’ Slogan Can Trigger Crisis in Nigeria, Police Cautions Youths

Each person who 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.

And that is the big change that has allowed Mr. President to approve the restart of that direct payment to beneficiaries program.

On his part, the Minister of Communications and Digital Economy, Dr Bosun Tijjani, explained that beneficiaries would be vetted through their Bank Verification Numbers and National Identity Numbers to avoid multiple payouts to one individual.

He said, One of the initial moves that we’re making is leveraging the existing dataset that we have on our people.

As you know, the BVN is well known to be extremely credible. NIN on the other side, which is now the most popular data identity system for Nigerians, is also the largest and most credible, and it covers quite a significant number of people as well.

What we’re looking to do here is the triangulation of this data set to ensure that not only are we using the register that has been properly populated, but that we also do proper verification of every individual that will benefit from that social investment program, which means we will get commitment to ensuring that no one is paid twice because you have to be properly IDed before you can benefit from that program.