The Federal Executive Council (FEC) on Wednesday approved the sum of N75 billion for the establishment of the Nigerian Youth Investment Fund (NYIF).

The NYIF, also tagged ‘the Youth Bank’, would create financial support for the creativity and innovation of Nigerian youths within the age range of 18 and 35 years.

The Minister of Youth and Sports Development, Mr. Sunday Dare disclosed this to State House Correspondents after a lengthy FEC meeting on Wednesday night.

The Minister emphasised that those between the ages of 18 and 35, who have genuine business ideas would be eligible to pitch their ideas in any of the 125 micro-credit banks across the country and qualified candidates would have access to the funds.

Dare said: “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion. This fund will create a special window for accessing credit facilities and finance on the part of our youths that will help to fund their ideas, innovations."

“The best way to call it is that for the first time the country will have a youth bank.”

FEC also approved the Ministry of Youth and Sports Development to play a lead role in working on necessary steps in terms of legislation, organisation and other aspects of financing.

“The Federal Ministry of Finance, Budget and National Planning will take the lead when it comes to the aspect of the financing, working with the CBN, the Ministry of Youth and Sports Development and other relevant MDAs."

“A couple of other details will be released later, but I think the most important thing is that the N75 billion Nigerian Youth Investment Fund, to cater specifically for this target group, a population of over 68 million, got the attention and support of the Federal Executive Council today and this fund will be assessed by our youths, once they are able to present their ideas, they can assess this fund directly,” Dare added.

He, however, promised that just as the N-Power programme, the process of the Youth Bank would be digital and fair to all youth aged between 18 and 35 years, regardless of tribe or social status.

https://twitter.com/SundayDareSD/status/1286004140951375872?s=19

Again 75b gone to some people private pocket.

Just watch and see!

The real details will be made available to us in the near future when a corruption probe happens. That's when you'll know how the monies got spent without getting to any living thing that resembles a youth.

Na still rich man go end up squandering that money!

Who we offend for this country!

They Will Loot That Money.

SmartProf:
The real details will be made available to us in the near future when a corruption probe happens. That's when you'll know how the monies got spent without getting to any living thing that resembles a youth.

And the money is for youths. Reading negative comments on what would benefit you people later you will say you are not a beneficiary. Start blaming the government not knowing it is your village people.

realstars:
They Will Loot That Money.

This us not PDP my brother.

TheRareGem1:

This us not PDP my brother.

Are They Not Politicians?

Wait sef


Is't for ALL youths between 18 & 35 ?

Taaar

Some big wigs are watering their mouth now. Some looters will be made rich again.

What's with this cap of 35 years?

I think it should be extended to 40 years.

Even one single person between 18 to 35 nor go see this money, youth for nigeria dy start from 60 years to 80 years and just wait and see na them them go chop this money.

This sounds nice but very laughable. Two things will happen, it is either most of the money goes into private purses through fictitious names posing as youth who pitched "business ideas" or people in the North will be favoured than people in the South.

Jeez! The same thing alot of you said about the NIRSAL loan. You still haven't learnt your lesson??

This level of pessimism & distrust for anything & everything by & from the Nigerian govt. is becoming a mental condition.

gentlepraise:
Again 75b gone to some people private pocket.

Just watch and see!

money wey dem don loot before the approval

Hmm

Hmmm

Here we go again.

mumument 36 - 45 nkor

Another pipeline for siphoning the little resources

Another drainage, an escape root for the Naira

Another audio project for the gullible

Another money making ave. for the loyalist

Another audio project to raise the hope of the hopeless and jobless youth

"The day is coming says the Lord of Host"

HMM

Another avenue to embezzle public fund.

What a ridiculous claim from government that neither has plan nor regard for the youths other than for them to be used for elections. If they are really sincere in targeting the youths, let them focus on providing them with sustainable jobs, not the type that expires after two years like npower.

The federal government has been trying in this regard. Loans are quite available in this regime. The only problem is that the loans end up with their family members and children.

Another bonus money for our useless and FAILED old fool generation to embezzle...