The Senate is set to reconsider the NYSC Trust Fund Bill after failing to get presidential assent on two occasions in the 9th Assembly.
OrderPaper had predicted that the National Assembly will upon its resumption, address some urgent National issues including insecurity, and take a decision as to whether the NYSC scheme is to be retained or scrapped considering the increased rates of kidnappings and killings of corp members.
However, upon its resumption, both chambers did not attend to most items on the order paper as it spent most of its time in a closed-door session and after reconvening, as OrderPaper had foreseen, dealt with urgent matters on insecurity.
READ ALSO: Reps spokesperson breaks down in tears over rising insecurity in Ekiti state
After coming to a resolution, both chambers suspended their remaining sittings for the week and adjourned plenary till February 6, 2024, for the bye-elections and re-runs which will be held on Saturday across 26 states.
As rightfully predicted, the Senate on its order paper had a second bill that was to be considered for second reading. This was, “A bill for an act to Establish the National Youth Service Corps Trust Fund to provide a sustainable source of funds for the National Youth Service Corps (NYSC) skill acquisition, training and empowerment of corp members training and retraining of the personnel of the NYSC development of camps and NYSC formations and facilities and for related matters, 2024 (SB, 260),” sponsored by Senator Adeyemi Adaramodu (APC, Ekiti South). Let’s talk about the NYSC and the bill by the distinguished senator.
The Skills Acquisition and Entrepreneurship Development (SAED)
The Skills Acquisition and Entrepreneurship Development (SAED) programme was created in 2012 in an attempt to address the rising unemployment rate among Nigerian graduates, particularly given that a significant proportion of graduates lack skills. The program’s goal is to close this skill gap by enhancing corps members’ ability to acquire the necessary skills to overcome the obstacles of unemployment.
Every year, the SAED programme mobilises and supports the training and mentorship of recent graduates in entrepreneurship development and skill acquisition for self-reliance.
The Genesis of the Bill
Recall that the Senate, in June 2022, passed the bill seeking to establish a National Youth Service Corps Trust Fund. The bill was sponsored by a former lawmaker, Senator Ajayi Boroffice (APC, Ondo North).
Similarly, Rep. Mayowa Akinfolarin (APC, Ondo) sponsored this bill in the House of Representatives and it was equally passed by the House in April 2022, after some critics at different times called for the scrapping of the NYSC programme.
The call for its scrap resonated in 2021 as Rep. Awaji Inombek Abiante (PDP, Rivers), sponsored a bill proposing that the National Youth Service Corps (NYSC) be scrapped.
However, the hope of presidential assent to the NYSC Trust Fund bill was dashed as former President Mohammed Buhari failed to sign the bill into law.
Before bringing this bill to the Senate, the Chairman Senate Committee on Youth Development, Adaramodu, during an oversight visit to the Lagos State Orientation Camp at Iyana Ipaja assured corps members that the NYSC Trust Fund would make a significant impact in reducing youth unemployment in the country.
“What we are doing now is to ensure that the NYSC Trust Fund Bill is signed into Law to further make the SAED more impactful in helping Nigerian youths become business owners.
“Nigerian youths are creative, ready to learn, and put whatever they are taught to good use. I am amazed at the product they exhibited for the SAED within a few weeks. This goes to show that if given the necessary impetus and support, they will go beyond our expectations. They are innovative, creative, and mentally agile.”
What you should know about the bill
- The National Assembly of the Federal Republic of Nigeria passed the National Youth Service Corps (NYSC) Trust Fund (Establishment) Bill, 2021 (“the Bill”) for the establishment of the NYSC Trust Fund (“NYSCTF” or “the Fund”) but failed to receive assent by former President Buhari.
- The Fund aims to provide sustainable funding for the monthly allowances for corps members, skill acquisition, training, and empowerment of NYSC personnel, development of orientation camps, and other purposes incidental to or connected with the attainment of the objectives of the Bill.
- Based on Section 4(1) of the Bill, the NYSCTF is to be funded by the following sources: a levy of 1% of the net profit of companies and organised private sector operating business in Nigeria, 0.2% of total revenue accruing to the Federation Account, take-off grants and special intervention funds as may be provided by the Federal, State, and Local Governments of the Federation, money appropriated to meet the objectives of the Bill by the National Assembly in the budget, aids, grants, and assistance from international bilateral and multilateral agencies, nongovernmental organisations, and the private sector.
- Other sources of funds are grants, donations, endowments, bequests, and gifts, including money, land, and other properties from any source and money derived from investments made by the Fund.
- Section 19 of the Bill exempts profit generated from investments carried out by the Board of Trustees on behalf of the Fund from income tax.
- The trust fund is aimed at helping to address infrastructure deficits in the scheme and provide start-up capital for interested corps members to drive their business initiatives.
As Nigerians and political observers look forward to the resumption of lawmakers next week, Senator Adaramodu is expected to present this bill for a second reading and hopefully it will get passed and eventually receive assent from President Bola Tinubu.
STAR Check: Nigerians, particularly, constituents from Ekiti South, can keep tabs on the legislative performance of Senator Adaramodu throughout the 10th assembly here.
