A bill sponsored by Hon. Akinfolarin Mayowa for an act to establish a trust fund for National Youth Service Corps (NYSC) has passed the second reading stage in the House of Representatives.
Mayowa, the representative of Ileoluji-Okeigbo/Odigbo federal constituency, on Thursday at the plenary, stated that the bill seeks to provide a sustainable source of funds for Corp members.
The National Youth Service Corps Trust Fund (NYSCTF) aims at equipping corps members with skills acquisition, training and empowerment. Training and retraining of NYSC staff is inclusive
The bill sponsor mentioned that the funds would also be used for the development of NYSC camps and maintenance of its facilities.
He added that it would have a long-lasting impact on job creation and the empowerment of youths.
Hon. Mayowa stated that the NYSCTF Bill would further complement the purpose of the scheme and enhance entrepreneurship among corps members.
He said, “in the early years of the establishment of NYSC, the scheme was able to carry out its objectives under the National Youth Service Corps Act.
“The management of the scheme had not only trained, equipped and empowered corps members enrolled under the scheme, but had instilled patriotism and the spirit of nationalism in corps members.
“My colleagues and I have sincerely considered the significant role this NYSCTF Bill will play if passed by this honourable house and assented to by President Muhammadu Buhari.
“Corps members and supporting staff will be trained and introduced to various skills which will make them establish a self-sustained business after the mandatory service year.”
Calling for its reading to continue and moved to the relevant committee of the house for further legislative actions, Mayowa pointed that the bill will reduce the adverse effect of COVID-19 on the nation’s economy and create employment opportunities for the youths.
“The call had become imperative in view of the effort currently being made by the government to diversify the economy, and considering the passion and willingness of the house in reducing poverty,” he said
In turn, the Speaker, House of Representatives, Hon. Femi Gbajabiamila, referred the bill to the relevant committees of the house for further legislative actions following the consent of the house.
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Nigerian Federal Government Initiates 40% Deduction From Universities’ Internally Generated Revenues, Prompting Concerns
The Nigerian federal government has embarked on the implementation of a controversial policy that imposes a 40 percent automatic deduction from the internally generated revenues (IGR) of federal universities and partially-funded institutions.
This decision, aligned with the Finance Circular dated December 20, 2021, aims to limit the annual budgetary expenditure derived from IGR.
In a letter issued by the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, the policy of a 40 percent auto-deduction was communicated to universities and institutions.
The letter, approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was signed by the Director of Revenue & Investment in the office of the Accountant-General of the Federation, Felix Ore-ofe Ogundairo.
The new directive enforces that agencies and parastatals must remit up to 50 percent of their gross IGR, channeling the remaining 50 percent to the Sub-recurrent Account.
All statutory revenue lines, such as Tender Fees, Contractor’s Registration Fees, and Rent on Quarters, are to be remitted entirely to the Sub-recurrent Account.
While the federal government hinted at granting universities more autonomy to explore financing sources, this move has sparked controversy within the education sector.
Critics argue that the policy will stifle institutional activities, hinder critical projects, and potentially force institutions to increase fees, thereby impacting students and their families.
The National Association of Nigerian Students (NANS) has also voiced concerns, highlighting the potential repercussions for universities.
University authorities, meanwhile, argue that the policy contradicts the government’s perception of universities as revenue-generating entities while providing inadequate funding and inhibiting their development.
The policy raises questions about the government’s approach to education financing and may lead to increased financial strain on students.
Femi Otedola Inaugurated as Chancellor of Augustine University, Donates N750 Million to Students
Renowned Nigerian billionaire businessman, Femi Otedola, was officially inaugurated as the Chancellor of Augustine University in Lagos on Thursday, representing a significant milestone in the institution’s history.
The inauguration ceremony was a moment of distinction and philanthropy with Otedola taking to his verified Instagram page to announce his new role and his remarkable gesture of benevolence.
In response to the prevailing challenging economic conditions, Otedola donated N750 million to the university.
He distributed N1 million to each of the 750 students at Augustine University, expressing his desire to alleviate the financial burdens of the students’ families.
In his Instagram statement, Otedola said, “I hope this donation of Seven Hundred and Fifty Million Naira assists the plight of the parents of our students in this difficult time.”
Augustine University, founded in 2015, selected Otedola as its Chancellor on April 7, 2022.
The university’s spokesperson, Nicholas Obayi, noted that Otedola’s appointment was richly deserved, given his unwavering commitment to philanthropic causes.
Otedola’s installation as Chancellor not only brings honor to Augustine University but also exemplifies his dedication to uplifting educational institutions and supporting the aspirations of Nigerian youth.
His generous donation is a testament to his belief in the transformative power of education and his commitment to improving the lives of students during challenging economic times.
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