THE House of Representatives has passed the National Youth Service Corps (NYSC) Trust Fund Bill.
The bill was passed after the third reading during Tuesday’s plenary.
Sponsored by a member of the House, Samuel Akinfolarin, the bill seeks to provide sustainable source of funds for training and empowerment of corps members undergoing the NYSC program.
The bill also aims to provide funds for training and retraining of the personnel of the NYSC, as well as development of camps, formations and facilities for the organisation, and other related matters.
The trust fund would be financed with a one per cent levy on the net profit of companies in the organised private sector operating businesses in Nigeria.
It would also be financed with 0.2 per cent of total revenue accruing to the Federation Account; and any takeoff grant and special intervention fund as may be provided by the federal, state and local governments.
Other sources of funding include money appropriated to the trust fund by the National Assembly in the budget; aids, grants and assistance from international bilateral and multilateral agencies, non-governmental organisations and the organised private sector; grants, donations, endowments, bequests and gifts, whether of money, land or any other property from any source; and money derived from investment made by the trust fund.