FG Advised to Introduce a Compensation Plan for the Unemployed

unemployedCentral Bank of Nigeria (CBN) Deputy Governor (Operations), Mr Tunde Lemo has urged the Federal Government to adopt the unemployment compensation system as a way to alleviate the sufferings of the unemployed in the country.

The CBN Deputy Governor made the submission while giving a lecture, entitled: “National development: Youths and the entrepreneurial challenge,” as the guest lecturer at the fourth convocation ceremony of the Crawford University, Ogun State, held on the school premises recently.

The unemployment benefits, according to Lemo, included unemployment insurance, unemployment compensation and subsidies, adding that the “main goal of these programs was to alleviate short term hardships and more importantly, reduce poverty in the long run.”

A number of countries like the United States of America (USA), United Kingdom (UK), Australia and others have adopted the employment compensation policy to serve as a strategy to reduce poverty, crime and social vices, Lemo added.



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