Algeria’s President announces N41,500 monthly pay and a free medical examination for unemployed youths.
By Sammy OJ
Highlights from this story:
- Unemployed Algerian youngsters receive a monthly income of N41,500 as well as free medical exams until they can find work.
- The news comes after a new report revealing that the country’s jobless rate is at 15%.
- Algeria, like Nigeria, is an oil-producing country, and the president believes that now is the best moment to invest because oil prices are rising.
Algeria’s president, Abdelmadjid Tebboune, has announced unemployment benefits for young adults, a move that appears impossible for the Nigerian government. The country is grappling with a jobless rate of nearly 15%.
The president announced on Tuesday, February 15, 2022, that monthly payments to job seekers aged 19 to 40 will begin in March, with the goal of protecting “young people’s dignity.”
Algeria, like Nigeria, relies on oil and gas revenues to fund its economy, and it is estimated that over 600,000 Algerian youths are unemployed.
The way the monthly payment is made
Those who are eligible will be able to receive monthly payments of around $100 (£73) and some medical benefits until they find work.
In addition, recipients will be exempt from paying taxes on consumer goods. Mr. Tebboune, who made the announcement, stated that Algeria was the first government outside of Europe to provide such a benefit.
Algeria is a good example for Nigeria to follow
Algeria produced 970,000 barrels of crude oil in January, according to OPEC data, which equates to around N35.9 billion in sales when priced at $90.
Nigeria, on the other hand, produced 1.39 million barrels per day, worth about N51.5 billion per day at the current currency rate of N412 to the dollar.
Figures on unemployment
Nigeria’s unemployment rate, according to the most recent publicly accessible data from the National Bureau of Statistics, is 33 percent, or 23.2 million people, the highest level in almost 13 years.
This indicates that as of the fourth quarter of 2020, one out of every three Nigerians wanting to work was unemployed.
The Nigerian government has given many schemes in recent years to ensure that many youths are gainfully employed.
Npower is one of them, among many others. The Nigerian Youth Employment Action Plan was launched by the federal government in September 2021 (NIYEAP 2021-2024).
According to TheCable, the initiative aims to use the youth’s energies and capacities in order to reduce the risks to national security posed by rising unemployment.