The Federal Executive Council (FEC) on Monday approved the restructuring of the Nigerian Youth Investment Fund with additional provision made to that effect.
Minister of Youth Development, Jemila Bio Ibrahim, who disclosed this to newsmen shortly after a meeting of the council at the State House, Abuja, said the N75 billion fund, which was originally established in 2020, will now be institutionalized.
According to her, the Fund will receive N25 billion from the 2024 supplementary appropriation while the central bank of Nigeria will release additional N60 billion to it.
She said: The Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework. The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act.
“Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. These measures aim to support young businesses and stimulate economic growth.”
Jamila also said FEC okayed the institutionalization of a 2% youth quota in all government appointments and women representation of 30%.
Her words: “I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalize a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%”.
According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”
Deji Elumoye in Abuja
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