Tinubu has approved the creation of a consumer credit program and increased social security benefits for graduates of NCE programs

Tinubu has approved the creation of a consumer credit program and increased social security benefits for graduates of NCE programs

The Federal Executive Council (FEC) has given its approval for the creation of a consumer credit program and the expansion of social security benefits to include graduates of NCE programs.

The decision was made during the FEC meeting in the council chambers of the state house in Abuja, which was chaired by President Tinubu. As part of the decisions made this afternoon, President Adviser on Information and Strategy, Bayo Onanuga, revealed this on his X handle.

He said that the President formed a committee, to be chaired by Rt. Hon. Femi Gbajabiamila, the Chief of Staff, and comprised of the following: Atiku Bagudu, the Minister of Budget and Planning; Lateef Fagbemi, SAN, the Attorney-General of the Federation; and Mr. Wale Edun, the Minister of Finance.

“These are a few of the noteworthy decisions made today at the Federal Executive Council meeting, which was presided over by President Bola Ahmed Tinubu,” he said.

Social Security benefits will be extended to NCE graduates and beyond.

“Consumer credit needs to be created immediately. To make the plan a reality, the Chief of Staff will chair a committee that also includes the Attorney General, the Budget Minister, and the Coordinating Minister of the Economy and Finance.

Additional judgments made by the FEC

Highlights of the FEC meeting also included the implementation of the Steve Oronsaye report, which aims to restructure the federal civil service and lower governance costs by eliminating duplicate MDAs and merging some for efficacy and efficiency. The report also included social security payments to vulnerable households provided they have BVN or NIN.

Things to be aware of

Food prices have skyrocketed, stretching household budgets and causing hardship, particularly for disadvantaged people.

In an era of unprecedented inflation, more than 100 million people are living in multifaceted poverty, making some kind of social security assistance desperately essential.

Due to accusations of transferring public funds to a private account, the former Minister of Humanitarian Affairs, who had previously led the implementation of the cash transfer program, was placed on leave.

The administration will restructure the cash transfer program to increase openness and efficacy, according to a previous statement made by Mr. Wale Edun, Minister of Finance.  

Consumer credit, FEC, social security, Tinubu,

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