ALGERIA: Unemployed youths to get N41,500 monthly allowances as oil price rally continues

Algeria, one of Africa’s oil-producing nations has concluded plans to begin payment of N41,500 monthly to its unemployed youths amid the rising price of crude oil.

The president made the announcement on Tuesday through a national tv broadcast, noting that the payments will begin in March for jobseekers aged between 19 and 40.

According to him, the move is aimed at preserving “ the dignity of young people.

He added that there were over 600,000 unemployed youths in Algeria which is 15 percent of the population and it is important something must be done.

The announcement is coming three months after the country’s lawmakers voted to scrap generous state subsidies on basic goods.

For the youths who are eligible, they will be able to collect the payments of about $100 (£73) a month or N41,500, as well as some medical benefits until they find work.

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The allowance is equivalent to nearly two-thirds the minimum wage of 20,000 dinars ($142)

In addition, taxes on consumer products for beneficiaries will be suspended.

Making the announcement, Mr. Tebboune said that Algeria was the first country outside Europe to introduce such a benefit.

Algeria, Africa’s biggest gas exporter with around 45 million people, earns some 90% of its state revenues from hydrocarbons.

As at Wednesday afternoon oil price was at $95 per barrel.

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