The House of Representatives has passed the bill seeking to establish a National Youth Service Corps Trust Fund.
The bill passed through the Third Reading on Wednesday.
The legislation is titled, ‘A Bill for an Act to Establish National Youth Service Corps Trust Fund for the purpose of providing a Sustainable Source of Funds for the National Youth Service Corps, Skill Acquisition, Training and Empowerment of Corps Members, Training and Retraining of the Personnel of the National Youth Service Corps, Development of Camps and NYSC formations and Facilities therein; and for Related Matters.’
In the sources of the Trust Fund, Clause 4(a-c) provides that: “The Trust fund shall consist of a levy of 1% of the net profit of companies and organised private sector operating businesses in Nigeria.
“0.2% of total revenue accruing to the federation account, and any take-off grant and special intervention fund as may be provided by the Federal Government.”
The bill was passed after the adoption of the recommendations of the House Committee on Youth Development, chaired by Hon. Yemi Adaramodu expressed optimism that the bill when passed into law will provide alternative hope for youth who cannot secure automatic employment after the NYSC scheme to hopefully attain financial independence.
Clause 7 of the bill provides for the establishment of the Board for the Trust Fund with membership drawn from the Federal Ministry of Finance, Organised private sector, Chairman of Nigeria Governors’ Forum (NGF), President of Association of Local Government of Nigeria (ALGON) and a retired NYSC Director on the recommendation of the NYSC Director-General.
According to Clause 12 of the bill, the Board shall be responsible for: Setting out the policies and programmes for the training and empowerment of exiting Corps Members, training and retraining of NYSC personnel, developing Orientation Camps and NYSC Offices with facilities therein in accordance with objectives of this Act; approving the disbursement of money from the Trust Fund to finance projects or activities of the NYSC and its formations being, beneficiaries of the proceeds of Trust Fund.
The Board is also empowered to award contracts whether in local or foreign currency in conformity with the due process requirements as provided in any law, rule, guidelines or regulations, as stipulated in Clause 13(1) of the bill.