Paragraph 1: Introduction to the National Youths Scheme Fund Bill
The Nigerian House of Representatives is currently reviewing a bill aimed at establishing the National Youths Scheme Fund. This initiative seeks to address the socio-economic challenges faced by young Nigerians by providing financial support and empowerment opportunities. The bill, which has been presented to the House at plenary, proposes the creation of a dedicated fund to manage and disburse resources for youth development programs. The House Committee on Youth Development, chaired by Martins Esin, has carefully examined the bill and submitted its report, outlining the proposed framework for the fund’s operation. This report provides valuable insights into the potential impact of the National Youths Scheme Fund on the lives of young Nigerians.
Paragraph 2: Objectives and Functions of the Fund
The primary objective of the National Youths Scheme Fund is to enhance the welfare of Nigerian youths by providing them with financial assistance and opportunities to develop their skills and potential. The Fund will be responsible for determining the financial requirements for effective youth development programs and monitoring their implementation. It will also collaborate with relevant stakeholders to identify suitable projects and programs that align with the needs and aspirations of young people. Additionally, the Fund will establish mechanisms to identify eligible beneficiaries, ensuring that resources reach those who require them the most. The aim is to empower young people to become productive members of society and contribute to national development.
Paragraph 3: Eligibility Criteria and Fund Administration
The bill proposes clear eligibility criteria for accessing the National Youths Scheme Fund. To qualify, individuals must be between the ages of 18 and 35, provide verifiable residential address, demonstrate a genuine need for assistance, present a letter of attestation from their community leader, and meet any other requirements specified by the Fund. This ensures transparency and accountability in the selection process. The Fund will be administered by a board comprising an executive chairman, representatives from each geopolitical zone, a representative from the Secretary to the Government of the Federation, and the Permanent Secretary of the Ministry of Youth Development. This composition ensures representation from various regions and government bodies, promoting inclusivity and balanced decision-making.
Paragraph 4: Funding Mechanisms and Financial Sustainability
The National Youths Scheme Fund will be financed through a combination of sources, including government subventions, budgetary allocations, donations from national and international institutions and philanthropists, fees for services rendered, and a contribution of 0.05 percent of net earnings from both public and private organizations. This diversified funding model aims to ensure the long-term sustainability of the Fund and minimize reliance on any single source. The bill also mandates the Fund to submit an annual estimate of its expenditure and income to the National Assembly for incorporation into the national budget. This promotes transparency and accountability in the management of public funds.
Paragraph 5: Borrowing Powers and Financial Management
To enhance its operational capacity, the bill grants the National Youths Scheme Fund the authority to borrow money, subject to the approval of the board and adherence to government guidelines and policies. This provision allows the Fund to access additional resources for critical projects and programs, ensuring its ability to respond effectively to the evolving needs of young people. However, the bill emphasizes that any borrowing should be conducted on terms and conditions that do not compromise the Fund’s financial stability or operational integrity. This safeguards the Fund from excessive debt burden and ensures responsible financial management.
Paragraph 6: Significance and Potential Impact
The establishment of the National Youths Scheme Fund holds immense significance for the future of Nigeria. By providing financial support and empowerment opportunities, the Fund can play a vital role in addressing youth unemployment, reducing poverty, and promoting social inclusion. This initiative has the potential to unlock the vast potential of Nigerian youth, enabling them to become active participants in the economy and contribute to national development. The successful implementation of the bill will require effective collaboration among government agencies, private sector organizations, and civil society groups. Furthermore, ongoing monitoring and evaluation will be essential to ensure that the Fund achieves its intended objectives and delivers tangible benefits to young Nigerians.
