The House of Representatives in Nigeria has taken a significant step toward youth empowerment with the introduction of the National Youth Scheme Fund. The bill, submitted by the House Committee on Youth Development, chaired by Martins Esin from Akwa Ibom State, seeks to create a structured financial support system to improve youth welfare across Nigeria. The initiative is expected to bridge the economic gap for young people by providing financial assistance and fostering opportunities for self-sufficiency.
The Fund, when established, will be responsible for determining the necessary monetary details required to support Nigerian youths. It will also monitor and evaluate its implementation while collaborating with relevant stakeholders to ensure effective distribution. To qualify, individuals must be between the ages of 18 and 35, provide proof of residency, demonstrate financial need, and present an attestation letter from a village or community leader. These requirements aim to ensure that only deserving applicants benefit from the initiative.
The administration of the Fund will be overseen by a board, which will include an executive chairman, a representative of the Secretary to the Government of the Federation, six members from each of Nigeria’s geopolitical zones, and the Permanent Secretary of the Ministry of Youth Development. The chairman and regional representatives will be appointed by the President, following recommendations from the Minister of Youth Development.
To sustain its operations, the Fund will receive financing from multiple sources, including federal budgetary allocations, donations from national and international organizations, and a 0.05% levy on the net earnings of both public and private institutions. Additionally, the Fund will have the authority to borrow money with Board approval, provided such borrowing aligns with federal financial guidelines.
As part of its operational framework, the Fund will be required to submit an annual financial estimate to the National Assembly by September 30 for incorporation into the national budget. Lawmakers believe that this initiative could play a crucial role in addressing youth unemployment and economic instability. However, the success of the program will largely depend on its implementation and the transparency of its management. With the bill progressing through the legislative process, all eyes will be on the National Assembly to ensure that it translates into meaningful change for Nigeria’s young population.
