House Passes Bill Seeking to End Unemployment among Youths for Second Reading

Udora Orizu in Abuja

The House of Representatives at the plenary yesterday passed for second reading a bill seeking to create Fund which shall be used to provide financial support for Nigerian youths to stem the trend of unemployment and under-employment.

The proposed legislation titled: ‘A Bill for an Act to make Provision for Establishment of Youth Entrepreneurship Development Trust Fund and a Management Team to Administer the Funds, and for Related Matters (HB. 1448)’, is sponsored by Hon. Farah Dagogo.

Leading the debate on its general principle, Dagogo said the passage of the bill into law would not only stem the ugly trend of unemployment and under-employment being currently experienced by the country’s youth population, but also serve as financial succour for the youths that could galvanise and bolster the country’s failing economy.

The lawmaker explained that the bill considers the relevance of the youths in the society as paramount, as it is hoped that the proposed Youth Fund law would provide a vehicle for assured socioeconomic security for them, ensure reduced unemployment, diminish social vices and produce a confident and global worthy citizen in the average Nigerian youths.

According to him, “This bill, to me, is one of the catalysts that would stem the tide of some of the hostilities we are currently experiencing in this country, especially from the youths of our great country, who represent about half of our entire population and over 40 percent of whom are currently unemployed or under-employed, but are no doubt referred to as the emerging leaders of the country.

“This bill seeks to create a Fund which shall be used to provide financial support for Nigerian youths with entrepreneurship skills, and provide a vehicle for assured socio-economic security as well as galvanise them to become self-reliant, employers of labour and captains of industry. The ‘Youth Fund’ will not only diminish unemployment and the social vices that characterise the Nigerian society today, but would also serve as a strong indicator that the country is very particular about its youths and has them in its plan.

“The Nigerian state needs to protect its own-the youths-who arguably constitute more than half of the country’s population and are the future leaders. There is no gainsaying that the youth have been obliterated; we have a colony of them suffering from unemployment or underemployment and the state is aware and not oblivious of this fact. Year in and

out, thousands of Nigerian youths are churned out from tertiary institutions but the state does not have enough carrying capacity to empty them into. This is indeed a big challenge because the idle mind would always be the devil’s workshop. This fact has led to the pendency of crimes in the society. This bill intends to cure those ills.”

Speaking further, he enumerated how the youths would be fully in charge of the Trust Fund, sources of revenue, as well as transparency of the management process.

According to the lawmaker, “We are proposing that sources of revenue would not be less than five per cent of the capital estimates in the Appropriation Act of every year and profits accruing periodically from approved investments made out of the capital in the Youth Fund. We are also bringing in private entities to contribute to the Youth Fund.

“Consequently and mandatorily, they would contribute about one per cent of profit as declared and other revenue legitimately accruing to the Fund by means not provided for in the bill. Importantly, the Youth Fund shall be managed by the youths, thus, they would man the board. There would be fiscal responsibility that engenders transparency and accountability, because relevant sections in the bill have been proposed to address these issues.”