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FEC approves N75b youth funding fund

Bolaji Ogundele, Abuja

 

THE Federal Authorities on Wednesday authorised the institution of the Nigerian Youth Funding Fund (NYIF) to the tune of N75 billion.

The NYIF, which can function as a youth financial institution, will create a monetary assist base for progressive youths aged 18 to 35.

Disclosing this to State Home Correspondents after a Federal Govt Council (FEC) assembly, Minister of Youth and Sports activities Growth, Mr Sunday Dare, stated youths with concepts and innovation can apply for funding from the youth financial institution.

“For the primary time within the historical past of Nigeria, the FEC authorised the institution of the Nigerian Youth Funding Fund (NYIF) to the tune of N75 billion.

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“This fund is supposed to create a particular window for accessing credit score amenities and financing on the a part of our youths that may assist to fund their concepts, improvements and assist their enterprise.

“The easiest way to name it’s that for the primary time the nation may have a youth financial institution – a fund that may cater particularly for our youth throughout the stipulated age band, which goes to be between 18 and 35 years.

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“The second approval secured was for the Ministry of Youth and Sports activities Growth to play a lead function in engaged on obligatory steps that should be taken when it comes to laws, organisation and different points of financing.

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“The Federal Ministry of Finance, Finances and Nationwide Planning will take the lead on financing, working with the CBN, the Ministry of Youth and Sports activities Growth and different related MDAs (ministries, departments and companies).

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“A few different particulars shall be launched later, however I believe crucial factor is that the N75 billion Nigerian Youth Funding Fund, to cater particularly for this goal group, a inhabitants of over 68 million, received the assist of FEC.

“This fund shall be assessed by our youths. As soon as they’ll current their concepts, they’ll entry the fund straight,” Dare stated.

The minister stated similar to the N-Energy Programme, the method could be digitalised and truthful.

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