A bill ‘Youth Entrepreneurship Development Trust Fund’ passed second reading in the House of Representatives on Wednesday.
In the general principles of the bill, Hon. Farah Dagogo representing Degema/Bonny Federal Constituency, who sponsored the bill insisted that the tide of unemployment among Nigerian youth would be stemmed if the bill finally becomes a law.
He argued that the trust fund will directly become a financial succour to the upcoming younger generations as it has capacity to galvanize and bolster the country’s failing economy.
The lawmaker explained that the bill considers the relevance of the youths in the society as paramount as it is hoped that the proposed Youth Fund law would provide a vehicle for assured socioeconomic security for them, ensure reduced unemployment, diminish social vices and produce a confident and global worthy citizen in the average Nigerian youth.
Part of the read: “This bill to me, is one of the catalysts that would stem the tide of some of the hostilities, we are currently experiencing in this nation, especially from the youths of our great country, who represent about half of our entire population and over 40% of whom are currently unemployed or under-employed, but are no doubt referred to as the emerging leaders of the nation.”
“This bill seeks to create a Fund which shall be used to provide financial support for Nigerian youths with entrepreneurship skills, and provide a vehicle for assured socio-economic security as well as galvanise them to become self-reliant, employers of labour and captains of industry.”
According to him, the fund, if established and backed legal instruments would curb social vices that characterized the youths as it will refused them towards skill acquisition and meaningful livelihoods.
Hon. Dagogo while urging members to support the bill, insisted that it’s likely to be the first time Nigeria will take step in addressing unemployment among the youths as the fund will practically support the maxim that, “youths are the leaders of tomorrow”, but cautioned that the fund should transparently be managed.
To generate funds into the trust, he said: “We are proposing that sources of revenue would not be less than 5% of the capital estimates in the Appropriation Act of every year and profits accruing periodically from approved investments made out of the capital in the Youth Fund.
We are also bringing in private entities to contribute to the Youth Fund. Consequently and mandatorily, they would contribute about 1% of profit as declared and other revenue legitimately accruing to the Fund by means not provided for in the bill.”
After contributions from members in support of the bill, the Speaker, Hon. Femi Gbajabiamila through voice votes passed the bill and referred it to the relevant Committee for further public hearing.
