The Federal Executive Council on Monday approved N110b from the Presidential Youths Investment Funds.
This was disclosed by Minister of youth development, Jamila Ibrahim on Monday while briefing State House journalists after the Federal Executive Council meeting presided over by President Bola Tinubu.
The minister revealed that the Ministry received N25 billion for 2023; 2024 fiscal years, and another N60 billion for disbursement to youth entrepreneurs, according to BusinessDay.
Ibrahim announced that the Council has agreed to institutionalize a 2% representation of youth in all government appointments and an equitable representation for women.
She explained that the approval would go a long way to resolve the long marginalization and exclusion of young people in decision-making process and will also go a long way to persuade young people to participate in decision making processes in civic engagements.
She said “This will in turn lead to young people contributing tremendously to the national development agenda,” she said. ” I am also pleased to announce the Council’s approval to restructure and institutionalize the Nigerian Youth Investment Fund.
“This is a fund that was approved in 2020. Then on the assumption of Office of this administration, we commissioned a technical committee to review this fund and restructure to institutionalize it through a legal framework, which will lead to the establishment of the Nigerian Youth Fund.
“Well, this will go a long way to support young businesses and bring young persons in to strengthen and scale young businesses The fund was initially was N75 billion fund with 25 billion annual releases for youth led and youth-owned enterprises in priority sectors.
“We also received an additional approval from the council for a 60 billion naira released from the Central Bank of Nigeria through the agric investment for small-medium enterprises.
“Well, this will go a long way to support young businesses and bring young persons in to strengthen and scale young businesses, Now we have secured the Council’s approval for the immediate release of the 25 billion from the 2023 supplementary Appropriation Act and an additional 25 billion from the 2024 Appropriation Act from the Development Fund.
“Well, this will go a long way to support young businesses and bring young persons in to strengthen and scale young businesses.”
