Remember that Youth Development Fund launched in 2020? Well, it’s getting a major upgrade!
The government is revamping the program to make it more effective and long-lasting.
They’re setting up a special committee to review and improve the fund. This will lead to a stronger program with a clear legal framework.
The plan is to create a permanent program called the Nigerian Youth Fund.
More Money for Young People
This N110 billion investment is a big deal. Here’s where the money is coming from:
- N50 billion: This is coming directly from the government budget. Half is from the extra money added to the 2023 budget and the other half is from the 2024 budget.
- N60 billion: This chunk of money is coming from the Central Bank of Nigeria.
This significant investment shows the government’s commitment to helping young Nigerians reach their full potential.
How Will You Get the Money?
We don’t know all the details yet, but the government says they’re releasing the N50 billion from the budget right away.
We believe the Federal Government have already started delivering on this using the loans and grants schemes in April 2024.