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FEC approves establishment of consumer credit scheme, social security payment for NCE graduates upwards 



FEC 22

The Federal Executive Council (FEC) has approved the establishment of consumer credit scheme and the extension of payment of social security to NCE graduates upwards.  

The decision was reached at the FEC meeting presided over by President Tinubu at the council chambers, state house, Abuja. The President Adviser on Information and Strategy, Bayo Onanuga disclosed this on his X handle this afternoon as part of decisions reached.  

According to him, the President established a committee to be headed by the Chief of Staff, Rt. Hon Femi Gbajabiamila, with members as the Minister of Budget and Planning, Atiku Bagudu, Attorney-General of the Federation, Lateef Fagbemi SAN, and Mr. Wale Edun, the Minister of Finance.  

  • He stated, “Here are some of the highlights of the far-reaching decisions taken today at the Federal Executive Council meeting, chaired by President Bola Ahmed Tinubu.
  • “Social security payments to be extended to graduates from NCE and upwards.
  • “Consumer Credit to be established very urgently. Chief of Staff to lead a committee that includes Budget Minister, Attorney-General, Coordinating Minister of the Economy and Finance, to make the scheme a reality.” 

Other decisions reached at the FEC 

Other highlights of the FEC meeting include social security payment to vulnerable households on the condition that they have BVN or NIN, the implementation of the Steve Oronsaye report which aims to restructure the federal civil service and reduce the cost of governance by scrapping duplicate MDAs and merging some for efficiency and effectiveness.  

What you should know  

The skyrocketing increase in the cost of foods has stretched household income and created hardship across the country especially vulnerable populations.

With over 100 million people living in multidimensional poverty in a time of record level inflation creates an urgent need for some form of social security support is needed.  

The erstwhile Minister of Humanitarian Affairs who hitherto spearheaded the implementation of the cash transfer program was suspended on allegations of transfer of public funds to private account.

The Minister of Finance, Mr. Wale Edun had earlier stated that the administration will rejig cash transfer program for transparency and effectiveness.  

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