The Federal Executive Council (FEC) gave its nod on Wednesday to the restructuring of the Nigerian Youth Investment Fund, along with additional provisions. Minister of Youth Development, Jemila Bio Ibrahim, revealed this during a briefing with State House correspondents following the Council meeting chaired by President Bola Tinubu at the Presidential Villa in Abuja.

Originally established in 2020 with a budget of N75 billion, the fund will now be institutionalized. Ibrahim announced that it would receive N25 billion from the 2024 supplementary appropriation, while the Central Bank of Nigeria will inject an additional N60 billion into it.

She stated, "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."

In addition, FEC approved the institutionalization of a two percent youth quota in all government appointments and a thirty percent representation of women. Ibrahim expressed her satisfaction, stating, "I’m delighted to brief the gentlemen and women of the press that we have received Council’s approval to institutionalize a two percent youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this thirty percent."

She emphasized the significance of these measures in addressing the historical marginalization and exclusion of young people from decision-making processes. Ibrahim also highlighted their role in encouraging youth participation in civic engagements and decision-making.

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