The federal government is preparing to launch a groundbreaking National Youth Unemployment Benefits Scheme to address Nigeria’s persistent unemployment crisis.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure during his opening remarks at the Media Activation/Townhall Meeting on the government’s loan scheme in Lagos over the weekend.
In his address to a group of MSME stakeholders, the minister stated “To further underline these measures above, and incorporate the unregulated informal sector into the mainstream framework of our economy, our administration is in the final stages of designing a National Youth Unemployment Benefits Program.
“A comprehensive social welfare initiative designed to support the unemployed, the underemployed, and those struggling with self-employment.”
According to the minister, the initiative is a crucial step in addressing Nigeria’s unemployment challenge, which has been further exacerbated by the suspension of previous social investment programs, now transferred to the new leadership at the Humanitarian Ministry.
This comes at a crucial time as Nigeria faces rising unemployment and a faltering informal sector.
Experts have called the program one of the most urgent and vital social investments in recent years, with the potential to restore stability and hope for the nation’s youth.
He added that since the start of the year, social intervention programs have been under review, with indications that N-Power, a flagship youth empowerment initiative, may be phased out.
Highlighting the seriousness of the situation, the minister explained that the National Youth Unemployment Benefits Scheme aligns with President Bola Ahmed Tinubu’s vision of promoting economic inclusivity for all Nigerians, especially the most vulnerable.
The groundwork for the scheme was established earlier this year when the finance minister, speaking to pressmen after a Federal Executive Council meeting in February, revealed plans for a Social Security Unemployment Program.
He stated that the president had issued clear directives for a scheme aimed at providing direct financial support to unemployed graduates, underemployed workers, and others in urgent need of assistance.
“Mr. President has committed to doing all that can be done to assist in giving purchasing power to the poorest,” Edun said in February, adding – “He directed that a Social Security Unemployment Program be devised, particularly to cater for the youth, for unemployed graduates, as well as society as a whole.”
