The Nigerian government is set to unveil the “National Youth Unemployment Benefits Scheme”, a major initiative aimed at addressing the country’s escalating unemployment crisis. The announcement was made by Finance Minister Wale Edun during a town hall meeting in Lagos.
The program, described as a comprehensive social welfare initiative, will provide monthly stipends to unemployed and underemployed youths, including those in informal sectors, fostering financial relief and skill development. The scheme aligns with President Bola Ahmed Tinubu’s vision for economic inclusivity, marking a significant step toward tackling youth unemployment and supporting vulnerable populations.
Preliminary plans were approved earlier this year, and final approval is expected imminently. The program is part of a broader strategy to integrate Nigeria’s informal sector into the formal economy, with oversight likely under the Ministry of Finance.
While policy analysts praise the initiative as overdue and transformative, concerns remain about its sustainability and the need for transparent implementation to prevent corruption and inefficiencies.
Stakeholders view the scheme as a potential lifeline for millions of young Nigerians, offering hope amid rising unemployment rates and economic challenges.