The Nigerian Senate last week called for an emergency declaration on the issue of unemployment across the country. The Senate admitted that it has become a crisis that must be addressed to prevent a breakdown of law and order.
The unemployment crisis in charts:
- In less than five years, the percentage of unemployed people in the country has more than doubled from about 8% in 2014 to 23% in 2018.
- Youth unemployment has increased by 326% within the same time period (2014 – 2018) increased from 3,082,488 to 13,145,708
- Unemployment rate in Nigeria is significantly higher than that of its neighbors Benin, Chad, Niger and Ghana
The Senate’s solution: Senate adopted the following resolutions towards improving welfare and productivity in the country:
- Creation of social safety nets funded by 20 percent of recovered loots
- Stimulation of production and other economic activities to engage young Nigerians
- Increase in the education budget by allocating and effectively implementing 26 percent of the annual budget to the sector, with a recommendation that this should begin from the next budget cycle.
- Adopt a policy of annual recruitment of at least 100,000 personnel per year for all the security organs in the country.
Senate President, Senator Saraki, said: “It is not just a Federal Government responsibility, states and local governments also have a role to play and I hope that we continue to follow this up in our different committees and responsibilities too, because we all have a responsibility to oversee and ensure that these things we have talked about are implemented.”
Why it matters: Most Nigerians consider unemployment as one of the major issues affecting them, second only to insecurity, according to an NOI Polls report. Over 20 million unemployed Nigerians would be eager to see the Senate’s resolution translate into meaningful action.