FG Approves Social Security Payments for Vulnerable Families and Graduates

In a move to provide immediate assistance to vulnerable households and graduates, the Federal Executive Council (FEC), chaired by President Bola Tinubu, has given the green light for social security payments. This decision aims to alleviate financial burdens and promote socio-economic stability among the most vulnerable segments of society.

The approved social security payments will target households with National Identification Numbers (NINs) and Bank Verification Numbers (BVNs), ensuring that assistance reaches those in genuine need.

Additionally, the scope of beneficiaries has been expanded to include Nigerian Certificate of Education (NCE) graduates and individuals holding higher degrees, recognizing the challenges faced by recent graduates in securing employment and financial stability.

Furthermore, the FEC has authorized the commencement of the construction of the Lagos-Port Harcourt-Calabar Coastal Superhighway by Messrs Hitech Construction Africa.

This infrastructure project is poised to enhance connectivity, facilitate trade, and stimulate economic growth along the coastal regions.

A statement released by the Special Adviser, Information and Strategy to the President, Bayo Onanuga, highlighted the urgent establishment of consumer credit to support economic activities and boost purchasing power.

A committee, led by the Chief of Staff to the President and comprising key stakeholders such as the Minister of Budget, Attorney-General of the Federation, and the Coordinating Minister of the Economy and Finance, has been tasked with implementing this initiative.

This proactive approach underscores the government’s commitment to addressing socio-economic challenges and fostering inclusive development. By prioritizing social security payments and infrastructure development, the Federal Government aims to create a conducive environment for sustainable growth and prosperity.

As these initiatives unfold, it is expected that vulnerable families, graduates, and the broader populace will benefit from enhanced support mechanisms and increased access to economic opportunities.