The Member Representing Bekwarra/Obudu/Obanliku Federal Constituency in the House of Representatives Rt. Hon. Legor Idagbo is to sponsor a bill to establish the Nigerian Youth Development Fund and at the same time give legislative backing to the Nigerian Youth Investment Fund.
The bill, the Nigerian Youth Development And Investment Fund Bill 2020 when passed will provide a framework and the resources needed for development of young people in Nigeria and also promote entrepreneurship for economic development.
There is no gain saying that the development of the youth demographic in Nigeria is a very important factor for national development. There is need thus for a Nigerian Youth Development Fund to cater for the development of youth in the country.
Through this dedicated fund, the Nigerian government is expected to fund strategic policies aimed at development of youth in various areas such as information and communication technology, creative industry, sports and many more.
The Nigerian Youth Development Fund is also expected to provide a pool of resources to be accessed by youth organisations in Nigeria for initiatives aimed primarily at developing the youth in the nation.
The Fund is to be funded through statutory percentage deductions from government revenue, contributions by corporate organisations through corporate social responsibility,, philanthropic and public spirited individuals as well as international agencies and foundations.
Recently also, the Federal Government of Nigeria under the leadership of President Mohammadu Buhari set aside seventy five billion Naira for youths in Nigeria to access, start and grow their businesses and innovative ideas.
The initiative known as the Nigerian Youth Investment Fund has a single digit interest rate and the money is to be paid back within a certain number of years. The percentage is five percent only.
The Nigerian Youth Investment Fund though novel and innovative is yet to get the needed legislative backing. There is need thus for a legislation on this.
These give the background for the sponsorship of the Nigerian Youth Development and Investment Fund Bill 2020 according to Rt. Hon. Legor Idagbo. He added that the need for the development of the Nigerian youth to achieve their full potentials cannot be over emphasized.
The Chairman House of Representatives Committee on Nigeria Content Development and Monitoring said that for the youth, making up more than 60 percent of the Nigerian population, enough has not been done to position them to contribute effectively to national development.
He ended by saying that the Nigerian Youth Development and Investment Fund Bill 2020 will go a long way in ensuring some of these challenges are mitigated and Nigerian Youth are better positioned for growth and positive value contribution.
In conclusion, there is no gain saying that this bill will reduce crime and vices in among youth in the country and increase productivity while creating jobs and adding to the economic growth of Nigetia.
The Nigerian Youth Development and Investment Fund Bill 2020 is one of ten bills in the list of bills sponsored or to be sponsored by Rt. Hon. Legor Idagbo in the 2020.
