The Presidency has shared more details about the Federal government’s N500 billion social welfare programme. The details were released by Mr. Adeolu Akande, Senior Special Assistant, Media in the office of the Vice-President.
Here are 5 things to know about the government’s plan to distribute the fund
1) One million extremely poor Nigerians are expected to be direct beneficiaries of the N5,000 monthly cash transfer making a total of N60 billion for the year.
2) The payment which is to commence once the budget is approved by the National Assembly, is besides another five social interventions that include the provision of one meal a day to school pupils in some selected states.
4) There will be 500,000 direct jobs, which will see unemployed graduates being trained and deployed as volunteer teachers in their communities while still prospecting for jobs in their chosen professions.
5) A youth employment plan which will see the training of 370,000 non-graduates youths in different skills and vocational programmes.
6) The recruitment of beneficiaries into the volunteer teaching jobs and the skill acquisition training scheme for non-graduates would be done on state basis, including the FCT and opened to all Nigerians of different shades.
7) Another initiative also revealed is the micro credit scheme where one million Nigerians, mostly small scale traders, artisans and market women, would get a one-time soft loan of N60,000 each through the Bank of Industry.
8) Finally there is the free education plan for students of Science, Technology, Engineering and Mathematics, STEM, where government will pay tuition for 100,000 students.
9) For the Conditional Cash Transfer, CCT, where one million extremely poor Nigerians will receive N5000 monthly in 2016, the money would be paid directly to the beneficiaries through a payment system that is being worked out.