NYSC members to get business capital from Trust Fund soon – Reps
Members of the House of Representatives at plenary
The House of Representatives’ Committee on Youth Development has said its report on the proposed National Youth Service Corps Special Trust Fund will be laid next week.
Chairman of the committee, Yemi Adaramodu, said corps members would soon begin to draw capital to establish business ventures once the NYSC Trust Fund is established.
Adaramodu made this known when the committee visited the Orientation Camp of the NYSC in Kaduna State.
Addressing the 2022 Batch A Stream 1 corps members, the lawmaker noted that graduates would be able to access the fund right from when they have been mobilised for youth service by the NYSC.
He said, “It is very good that we are here today and I am very happy that the crop of corps members that are here today are going to benefit and enjoy part of those things that the National Assembly is putting up to benefit Nigerian youths, especially corps members who are young adults, graduating from Nigerian universities – even from abroad.
“About two weeks ago, you might have read or heard about it that we are proposing and we have even gone to the extent of first reading, second reading and public hearing of the NYSC Trust Fund.
“During the public hearing, the DG of NYSC was there; we allowed corps members to present papers and memos, and your representative there spoke very well. That person represented Nigerian corps members so seriously that I was very amazed.
“The meaning (objective) of that Trust Fund is that…when you are graduating or exiting NYSC (scheme), you can access funds which can make you stand on your own. If you want to establish (a business), the fund is there from the NYSC, right from (orientation) camp.
“Not that you will leave NYSC and start scampering (for capita) or applying (for jobs); it is when you are in NYSC that you are going to show that when you leave the camp, you want to set up a clinic as a medical doctor, or pharmacy as a pharmacist, and this is what you want. Then, the NYSC will give you the tools to go out there and establish yourself.”
According to Adaramodu, Nigeria is trying and making sure that the youth are useful to themselves, their families and the nation as a whole. “That is the reason for pushing for the NYSC Trust Fund. By the grace of God, before you get to that level, that Trust Fund must have been a reality,” he stated.
The lawmaker also noted, “By next week, the report will be laid at the National Assembly. Then, expeditiously, it is going to be passed and signed into law. By then, you will be proud of serving your fatherland.”
Sponsored by a member of the House, Samuel Akinfolarin, the NYSC Trust Fund (Establishment) Bill 2021 passed the first reading at the House on December 16, 2021; and second reading on January 20, 2022.
The legislation is titled ‘A Bill for an Act to Establish National Youth Service Corps Trust Fund to provide a sustainable source of Funds for National Youth Service Corps, Skill Acquisition, Training and Empowerment of Corps Members, Training and Retraining of the Personnel of National Youth Service Corps, Development of Camps and NYSC Formations and Facilities Therein; and for Related Matters.’
The Fund would be financed with a levy of 1 per cent of the net profit of companies and organised private sector operating business in Nigeria; 0.2 per cent of total revenue accruing to the federation account; and any takeoff grant and special intervention fund as may be provided by the federal, state and local governments of the federation.
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