FEC Approves 2% Quota Appointments For Youths

The Federal Executive Council (FEC) has approved two initiatives aimed at fostering greater inclusion and development opportunities for the youth population.

Disclosing this to journalists after the week’s Council meeting presided over by President Bola Tinubu at the State House, Minister of Youth and Sports Development Dr Jemila Ibrahim-Bio also announced that FEC approved the restructuring of the Nigerian Youth Investment Fund (NYIF) with additional provision for it.

According to Ibrahim-Bio, the Council has approved institutionalisation of a 2% youth quota in all government appointments and women representation of 30%.

She said this will be addressing the age-long marginalization of young people in decision-making processes.

“I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalise a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%,” she said.

According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”

The Council also approved the restructuring and institutionalization of the NYIF, a fund initially established in 2020 to support youth-led and youth-owned enterprises in priority sectors.

Recognising the potential of this initiative, the administration has commissioned a technical committee to review and restructure the fund, leading to the establishment of the Nigerian Youth Fund through a legal framework.

She said the revamped Youth Investment Fund will receive an immediate infusion of ₦25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional ₦25 billion from the 2024 Appropriation Act’s Digital Development Fund.

Moreover, the Central Bank of Nigeria (CBN) approved a ₦60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, providing a significant boost to the fund’s resources.

She further said that the implementation strategy for the Renewed Youth Investment Fund will involve the establishment of clusters, where young people will cross-guarantee each other, focused on commodities with comparative advantages across the six geopolitical zones.

Additionally, she said the fund will offer increased obligor limits, moratoriums, and extended loan tenures, allowing young businesses to incubate and reach profitability.

“Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.

“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments.

“These measures aim to support young businesses and stimulate economic growth”, she said.