The Bill seeking to establish Youth Entrepreneurship Development Trust Fund on Wednesday in Abuja scaled the second reading in the House of Representatives.
Rep. Farah Dagogo (PDP-Rivers), the sponsor of the Bill, while leading debate during plenary on the general principle said the proposed law would stem the tide of unemployment in the country.
He added that unemployment as being currently experienced by the country’s younger population would be addressed by the youth entrepreneurship development trust fund bill.
He said that it would also served as financial succour for the youths, adding that it would also galvanise and bolster the country’s failing economy.
He explained that the bill would consider the relevance of the youths in the society as paramount, adding that it would provide a vehicle for assured socioeconomic security for them.
He added that it would diminish social vices and produce a confident and global worthy citizen in the average Nigerian youth.
“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 Nation, especially from the youths of our great country.
“The youth represent about half of our entire population and over 40 per cent of them are currently unemployed or under-employed.“This bill seeks to create a Fund which shall be used to provide financial support for Nigerian youths with entrepreneurship skills,” he added.
He said that the youth would be fully in charge of the Trust Fund and provide sources of revenue, as well as transparency of the management process.
“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.
“We are also bringing in private entities to contribute to the Youth Fund.
“In conclusion, Mr. Speaker and my Colleagues, this Bill when passed would provide the necessary panacea on how to re-invent the economy and jettison poverty,” he said.
The News Agency of Nigeria (NAN) reports that the Bill was unanimously agreed that the bill should be allowed to scaled and passed for committee stage.