FEC Approves N50bn For Nigerian Youths, N60bn For SMEs

The Federal Executive Council (FEC) meeting presided over by President Bola Tinubu has approved the immediate release of N50bn aimed at empowering Nigerian youths and N60bn for small and medium enterprises (SMEs).

Addressing journalists after the FEC meeting on Monday in Abuja, the Minister of Youths, Dr Jamila Ibrahim, disclosed that the council approved N25bn from the 2023 supplementary Appropriation Act and an additional N25bn from the 2024 Appropriation Act under provisions for the Youth Development Fund.

This N50bn Youth Development Fund is expected to support young businesses and provide succour to youths across the country.

FEC also approved the release of N60bn from the Central Bank of Nigeria (CBN) to support agricultural investments by SMEs.

Ibrahim further revealed that FEC approved the institutionalisation of 10 percent youth quota for all government appointments as well as ensuring equitable representation of young women.

This policy is aimed at encouraging youth participation in decision-making and civic engagement to drive national development.

The minister’s words, “This will in turn lead to young people’s contributing tremendously to national development agenda.

“I’m also pleased to announce the second council approval to restructure and institutionalise the Nigerian Youth Investment Fund.

“This is a fund that was approved in 2020 and on assumption of Office of this administration, we commissioned a technical committee to review this fund and restructure it with the aim of institutionalising it through a legal framework, which will lead to the establishment of the Nigerian Youth Fund.

“We have secured council approval for the immediate release of N25 billion from the 2023 supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act under the Youth Development Fund for Development provision in the budget.

“We also received an additional approval from the council for a N60 billion release from the Central Bank of Nigeria through the agric. investment of small medium enterprises.”