FG Launches Social Credit Scheme for Unemployed Graduates

FG Launches Social Credit Scheme for Unemployed Graduates

Minister of Information and National Orientation, Mohammed Idris, on Wednesday, has assured Nigerians that the restructuring of government agencies over implementation of Oronsaye Report won’t result in job losses.

The Minister also announced the launch of a Social Security Unemployment Programme for graduates, a Social Consumer Credit Scheme to support purchasing power, and the resumption of direct cash transfers to low-income households.

Idris disclosed this at the fourth edition of the Ministerial Press Briefing Series (MPBS), in Abuja.

He said the whole idea is that government wants to reduce cost and also improve efficiency in service delivery. It does not mean that government is out to retrench workers or throw people into the labour market.

Idris said the implementation of the report, which has been on the shelf for about 11 years, is a clear demonstration of President Tinubu’s unwavering commitment to fiscal prudence and responsible governance by championing a comprehensive review of the government‘s commissions, agencies, and parastatals.

The information Minister emphasized the President’s commitment to fiscal prudence and responsible governance through this initiative. He assured the public that the streamlining process was carefully planned to ensure continued essential services and prioritize national interests.

“Through the implementation of Oronsaye’s Report, President Tinubu aims to achieve significant cost savings by eliminating duplication of functions, streamlining administrative processes, and optimizing resource allocation. This proactive approach will enable the government to operate more efficiently while maintaining the quality and delivery of services to the Nigerian people,” he said.

The Minister, who said Nigerians are beginning to see the benefits of the reforms being spearheaded by the president in various sectors, stressed that reports from the (NBS) indicate that Nigeria witnessed a GDP growth of 3.46% in the fourth quarter of 2023 as against 2.54% recorded in the third quarter of 2023.

He however reported that the Nigerian economy has started experiencing  positive trajectory, citing a GDP growth of 3.46% in the fourth quarter of 2023, increased capital importation, and a surging stock market. He attributed this progress to the “pragmatic reforms” initiated by President Bola Ahmed Tinubu.

He added that the National Bureau of Statistics (NBS) report also states that capital importation rose to 66% in the fourth quarter of 2023, reversing a 36% decline in the third quarter. Petrol importation has been reduced by 50% since the withdrawal of the fuel subsidy, while the Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever.

He said the achievements being recorded in the economy were not merely a stroke of luck but mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.

“The President has also given a directive for the design of a Social Security Unemployment Programme to cater for the unemployed graduates.

“This is in addition to setting up of a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship”, he said.

He said after the review of the National Social Investment Programme, the President has given approval for the resumption of the direct payments of N25,000 to 15 million households.

By PRNigeria