- The council approved the restructuring of the Nigerian Youth Investment Fund and its revitalization
The Federal Executive Council (FEC) has endorsed the implementation of a 10% youth quota in government appointments, alongside fair representation for young women.
Minister of Youths, Jamila Ibrahim, announced this following the 4th FEC meeting in Abuja.
Additionally, the council approved the restructuring of the Nigerian Youth Investment Fund and its revitalization. Minister Ibrahim emphasized that this quota aims to foster youth involvement in decision-making and civic activities.
“This will in turn lead to young people contributing tremendously to national development agenda.
“I’m also pleased to announce the second council approval to restructure and institutionalise the Nigerian Youth Investment Fund.
“This is a fund that was approved in 2020 and on assumption of Office of this administration, we commissioned a technical committee to review this fund and restructure it with the aim of institutionalising it through a legal framework, which will lead to the establishment of the Nigerian Youth Fund.
“We have secured council approval for the immediate release of N25 billion from the 2023 supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act under the Youth Development Fund for Development provision in the budget.
“We also received an additional approval from council for a N60 billion release from the Central Bank of Nigeria through the agric. investment of small medium enterprises,” she said.
Ms Ibrahim said that these schemes would support young businesses and bring a lot of succour to young persons in the country.
She said that the commencement of the schemes would be done with collaboration from relevant agencies like agriculture and food security, creative economy as well as state governments among others.
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