FEC okays restructuring of N110bn Nigerian Youth Investment Fund

…N1.267 trillion for roads, bridges

…approves ¥15 billion loan from Japan

By Ukpono Ukpong

The Federal Executive Council (FEC), has approved the restructuring of the N110 billion Nigerian Youth Investment Fund with additional provision for it.

Addressing the State House correspondents at the end of the Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja, the Minister of Youth Development, Jemila Bio Ibrahim, said the fund which was originally established in 2020 for N75 billion, will now be institutionalized.

She said that it will receive N25 billion from the 2024 supplementary appropriation, while the Central Bank of Nigeria will release an additional N60 billion to it.

“The Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.

“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments.

“These measures aim to support young businesses and stimulate economic growth.” She said

Jamila also said that FEC approved the institutionalization of a two percent youth quota in all government appointments and women representation of thirty percent.

“I’m delighted to brief the gentlemen and women of the press that we have received Council’s approval to institutionalize a two percent youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this thirty percent,” she said.

According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”

Also speaking, the Minister of Works, Dave Umahi, in his comments, revealed that the Council approved a total sum of N1.267 trillion for 28 roads and bridges across the country.

On his part, the Minister of Finance and Coordinator of the Economy, Wale Edun, in his comments, said the Council approved a loan of 15 billion Japanese Yen payable in 30 years with a 10-year moratorium.

He explained that the loan would not put any burden on the nation’s finances and would be deployed in executing projects in the agricultural sector.