By Nicholas Kalu, Abuja

A bill to provide financial succour to young entrepreneurs in Nigeria has advanced to a second reading in the House of Representatives.

The bill titled, “Youth Entrepreneurship Development Trust Fund (Establishment) Bill, 2021(HB. 1448)” is being sponsored by Hon. Doctor Farah Dagogo, representing Degema/Bonny Federal Constituency, Rivers State.

In his explanatory memorandum, Hon. Farah Dagogo posited that the proposed law will create a Fund which shall be used to provide financial support to Nigerian youths with entrepreneurship skills.

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He expressed confidence that the proposed Fund would provide a vehicle for socioeconomic security for Nigerian youths, to galvanize them to become employers of labour, be self reliant and captains of industry.

He said the Fund will not only reduce unemployment and the social vices that characterize the Nigerian society today.

He said it would also serve to show that the country is particularly interested in the welfare of its youths.

The federal lawmaker said funding will not be less than 5 percent capital estimate proposal from the Federation Account approved as appropriation for the fiscal year.

Other sources of revenue as proposed are profits accruing periodically from approved investments made out of the capital in the Youth Fund; one percent profit as declared by each private entity in the country; other revenue legitimately accruing to the fund by means not provided for in the Bill; and such other sums as may accrue to the capital in the Youth Fund from time to time.

Further insight into the bill showed that in Section 4 (1)) the youths will have a say on how the funds are to be administered by the Youth Fund Management Board, with its Chairman expected to be a youth appointed by the President on recommendation from the Minister of Youths and Sports and other recognized youth bodies.