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The Federal Government has created a N25 billion Youth Fund to address the #EndSARS protests and other related youth restiveness in Nigeria.
This was disclosed by the Minister of Finance, Zainab Ahmed, on Saturday, at a stakeholder meeting with the Deputy Governor of Kaduna State, Dr. Hadiza Balarabe, in Kaduna, according to Punch.
READ: N1.5trillion accumulated losses of NNPC, a serious going-concern risk – PWC, SIAO Partners
The meeting is in compliance with President Muhammadu Buhari’s directive to ministers and governors to dialogue with stakeholders following the #EndSARS protests.
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The minister explained that the fund would be increased to N75 billion within a period of three years.
READ: #EndSARS: IMF Links protests to economic difficulties
Objective of the fund
According to her, the aim was to support youths to actualise their innovative and entrepreneurial ideas in growing their businesses and becoming self-reliant.
#EndSARS: FG to set up N25bn youth fund, says finance minister https://t.co/kpQsapHYKu
— Punch Newspapers (@MobilePunch) October 25, 2020
READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses
What you need to know: On October 15, 2020, Nairametrics reported that the Federal Ministry of Youth and Sports Development, flagged off the application for a N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.
During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.
READ: How to access new N75 billion Nigerian Youth Investment Fund
The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.
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you people should forget about the worthless 25billion all what we need now is a constant flow of eletricity and not peanut money. why did you marauders to set aside this money prior to the the protest? why now?
These out of touch, sorry excuses for “leaders” are still clueless as to what the country needs. What is an additional N25bn fund when it will be mismanaged by a bunch of thieves in government??? Why not concentrate of creating actual JOBS instead of funds for self-employment? Not everybody can start and run a successful business… to contrary, businesses fails all the time regardless of the funds you provide, even assuming the funds successfully reach the people that actually need it. Create jobs by attracting majot companies to Nigeria, by creating a friendly environment for them to operate. Give them incentives, tax breaks, residency, cut the red tape and bureaucracy, entice them and give them offers they cannot refuse, and then in exchange you can mandate that they employ Nigerians while they are here. Improve education and create jobs, not funds that will never even reach the masses that truly need it.
Disbursement of the said fund is not different from the previous ones which will still end up in private pockets of few individuals, just make the environment conducive for business to thrive by reducing cost of governance, eliminate multiple taxation and curbs corruption to the nearest minimum and also provide constant power supply.
“My people perish for lack of vision.” This lack of vision and direction by leaders has led this nation into total darkness, redundancy and stagnation, yet their solution to every challenge is still myopic and idiotic.
Another avenue to steal. The covid 19 palliative is being rooted out of hidden warehouses instead of being distributed to the common man dying of hunger and poverty. May the wrath of God visit them and their stealing strategy.
Amen
So the federal government has this money before.My question is why is it after the protest they are giving it out?
The point is people are sovereign too much,if federal government can make sure the money reach masses that would be a better one but our leaders only love themselves. Even me,I apply for several times all was zero, and how much am I asking for 10m to grow my barbing business. I will try this too I hope it happen. ALLAH help US
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