Youth Entrepreneurship Fund bill scales second reading
A bill to provide financial succour for the Nigerian Youth has scaled second reading in the lower Chambers of the National Assembly.
The bill titled: “Youth Entrepreneurship Development Trust Fund, 2021 (HB. 1448)” which was sponsored by Hon. Farah Dagogo representing Degema/Bonny Federal Constituency of Rivers State was laid on Thursday.
In the content of the bill, the lawmaker explained that the Nigerian Youth needed government’s financial support to empower them, given that they are the critical mass and that statistics also showed that the youth had the highest crime rate.
He further explained that the fund would assist the youth with entrepreneurial skill, adding that it will boost the Nigerian economy in terms of gross domestic product once they become productive.
“Youth Fund would provide a vehicle for assured socio-economic security for Nigerian youths, to galvanize them to become employers of labour, self reliance and captains of industry,” he said.
Dagogo insisted that the proposed “Youth Fund” would be the sure-fire to tackling unemployment effectively in Nigeria, while he urged government to prioritize the youths in its National plan to pull them out of the streets.
The lawmaker proposed 5% capital estimate from the Federation Account as approved for the fiscal year to be paid into the “Youth Fund” to be distributed to the beneficiaries based on the criteria that would be put in place.
Other sources of revenue as proposed are: profits accruing periodically from approved investments made out of the capital in the Youth Fund, one percent profit as declared by each private entity in the country, other revenue legitimately accruing to the fund by means not provided for in the Bill, and such other sums as may accrue to the capital in the Youth Fund from time to time.
Further insight into the bill showed that in Section 4 (1) the youths will have a say on how the funds are to be administered by the Youth Fund Management Board, with its Chairman expected to be a youth appointed by the President on recommendation from the Minister of Youths and Sports and other recognized youth bodies.