In an effort to tackle the ongoing unemployment crisis in Nigeria, the federal government is set to unveil a pioneering National Youth Unemployment Benefits Scheme shortly.
This announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during his opening remarks at a Media Activation/Townhall Meeting focused on the federal government’s loan scheme, held in Lagos over the weekend.
Addressing a group of stakeholders from the Micro, Small, and Medium Enterprises (MSME) sector, the minister stated, “To reinforce these initiatives and integrate the unregulated informal sector into our economic framework, our administration is nearing completion of a National Youth Unemployment Benefits Program.”
He described the scheme as a comprehensive social welfare initiative aimed at assisting the unemployed, underemployed, and those facing challenges in self-employment.
According to the minister, this initiative represents a crucial step in confronting Nigeria’s unemployment issues, which have been exacerbated by the suspension of previous social investment programs that have now transitioned to the new leadership at the Humanitarian Ministry.
This announcement comes at a pivotal moment, as the nation grapples with escalating unemployment rates and a struggling informal sector.
Experts have hailed the program as one of the most pressing and essential social investments in recent times, with the potential to restore stability and optimism among Nigeria’s youth.
The minister further noted that social intervention programs have been under review since the beginning of the year, with indications that N-Power, a flagship youth empowerment program, might be phased out.
This situation underscores the urgent need for a more comprehensive and inclusive framework to support Nigeria’s unemployed and underemployed youth.
Emphasizing the seriousness of the circumstances, the minister explained that the National Youth Unemployment Benefits Scheme aligns with President Bola Ahmed Tinubu’s vision of fostering economic inclusivity for all Nigerians, particularly the most vulnerable segments of society.
The foundation for this scheme was established earlier this year when the finance minister revealed plans for a Social Security Unemployment Program after a Federal Executive Council (FEC) meeting in February.
He noted that the president had issued clear directives for a program that would provide direct financial assistance to unemployed graduates, underemployed individuals, and others in urgent need of support.
“Mr. President has committed to taking all necessary steps to empower the poorest members of society,” Mr. Edun stated in February, adding, “He directed the creation of a Social Security Unemployment Program specifically aimed at assisting the youth, unemployed graduates, and the broader community.”
