FEC approves restructuring of youth investment fund

By Johnbosco Agbakwuru
The Federal Executive Council, FEC, on Wednesday, approved the restructuring of the Nigerian Youth Investment Fund with additional provision for it.
The Minister of Youth Development, Jemila Bio Ibrahim, disclosed this while briefing State House correspondents at the end of the Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.
She said the fund which was originally established in 2020 for N75 billion, will now be institutionalized.
According to her, it 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 that FEC approved the institutionalization of a two percent youth quota in all government appointments and women representation of thirty percent.
“I’m delighted to brief the gentlemen and women of the press that we have received Council’s approval to institutionalize a two percent youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this thirty percent,” she said.
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.”
Vanguard NewsRelated NewsNaira up to N1,430/$ in parallel marketNSA launches global manhunt as Binance official flees custodyArmy hands over 131 Kuriga schoolchildren, teachers to Kaduna govt

Related posts

Tinubu Appoints Jami’u Abiola As SSA On Linguistics & Foreign Matters

bornobulletin

Easter: IGP orders round-the-clock security at airports, rail stations, motorparks

bornobulletin

Gunmen attack Zamfara community, abduct over 50 women, girls

bornobulletin

Strike: NASU, SSANU, NAAT direct members to resume work

bornobulletin

17,000 Ondo Governorship Election Ad-hoc Staff Accuse INEC Of Owing Allowances

bornobulletin

Tinubu gives scholarships, houses to children, families of 17 soldiers killed in Delta

bornobulletin