On Wednesday, the Federal House of Representatives passed through 3rd reading a bill that seeks to establish the National Youth Service Corps Trust Fund (NYSCTF).
The bill if made into law, aims at providing a sustainable source of funds for the National Youth Service Corps (NYSC).
In the sources of the Trust Fund, Clause 4(a-c) provides that: “The Trust fund shall consist of a levy of 1% of the net profit of companies and organised private sector operating businesses in Nigeria.
“0.2% of total revenue accruing to the federation account, and any take-off grant and special intervention fund as may be provided by the Federal Government.”
The bill was passed after the adoption of the recommendations of the House Committee on Youth Development, chaired by Hon. Yemi Adaramodu expressed optimism that the bill when passed into law will provide alternative hope for youth who cannot secure automatic employment after the NYSC scheme to hopefully attain financial independence.
Curled from Nigerian Tribune.
