President Bola Tinubu has hinted of his administration’s plans to initiate a comprehensive social security policy, where the most vulnerable citizens will get allowances to bridge inflation gaps.
He gave the hint when he received leaders of Afenifere, the Yoruba socio-cultural organisation, at the State House in Abuja, on Wednesday.
According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate in Q3 2023 was 5%.
The figure represents a slight increase from Q1 2023, when the rate was 4.1%.
Tinubu acknowledged the high rate of unemployment in the country, pledging that his administration is examining what to do with the high degree of job seekers.
“We must help vulnerable people by providing social security. We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the consumer credit scheme. If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu told the visitors.
He said his administration remains undeterred in its pursuit of comprehensive economic security for the country while addressing foundational challenges and creating a fair and equitable system in which all Nigerians can thrive.
According to the president, government is re-engineering Nigeria’s finances and seeking to boost the purchasing power of citizens, and spread prosperity down the line, by instituting a credit system where the element of cash is not an impediment to a significantly enhanced standard of living for all citizens.
He said Nigeria must secure itself economically first before it can achieve any of its more sophisticated objectives.
“We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest. So first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.
“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths. We have seen the problems parents face in training their children in school; it is the reason why we established the National Student Loan Programme, which is taking off well.”
Speaking on security, the president declared that those who threaten the sovereignty of Nigeria would pay a heavy price.
“I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy is reflected greatly here since we assumed office. What we face now is the challenge of terrorism. Security of life and property is very necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.
“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering. Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,’’ the president affirmed.
The president thanked the esteemed delegation for their prayers and support, assuring them that he would not relent in his resolve to advance Nigeria.
“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” President Tinubu said.
