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FG Approves N110 Billion to Rejuvenate the National Youth Investment Fund

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Joel Ajayi

The Federal Government has approved N110 billion to revitalize the National Youth Investment Fund (NYIF), for the 2024 fiscal year to serve as a cornerstone for youth empowerment.

The Minister, Ministry of Youth Development, Dr. Jamila Bio Ibrahim, disclosed this during the closing ceremony of the Ministry’s Management Retreat on Presidential Priorities and Deliverables with the theme: ‘Achieving the Eight Presidential Priorities and Deliverables’ in Abuja.

She said the fund is not just a financial reservoir but a catalyst for youth entrepreneurship and innovation aimed at bridging the gap between ambition and opportunity.

Dr Ibrahim further stated that this administration is committed to empowering every Nigerian youth through actionable policies and innovative programmes, under the visionary leadership of President Bola Ahmed Tinubu, which aligns with the renewed hope agenda.

“Federal Government has also approved the integration of Skills and Entrepreneurship Development into the NYIF programme, transitioning the NYIF Committee to an interim project management office, and investing N5 billion in the Youth Development Bank.” She added.

According to her, “the National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry and their private sector partners, represents a ground-breaking stride towards economic independence for our youth. With an initial take-off shareholder fund of N10 billion, this institution will be instrumental in nurturing young entrepreneurs and innovators who are the bedrock of our nation’s future.”

The Minister further explained that the Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises, adding that with an initial capitalization of N10 billion, the bank is poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but development, guidance, mentorship, and a network of resources. The Bank of Industry will be investing N2.5 billion and their private sector partners have committed to the balance of the N2.5 billion investment, and the bank will be private sector managed.

“The rehabilitation and transformation of Youth Development Centres across the country are set to commence immediately. These centres will be transformed into hubs of technical, digital, and creative skills training; bastions of social, political, and cultural engagement, amongst our youths; and sanctuaries for mental health and combatting the scourges of substance abuse and social decay. By investing in these centres, we are investing in safe spaces that foster the holistic development of the Nigerian youth”, she stated.

In his vote of thanks, the Permanent Secretary of the Ministry, Dr. Dunoma Umar Ahmed, expressed gratitude to the Federal Government, the Ministry, all development partners and stakeholders for their unwavering commitment and unflinching support towards lifting the quality of life of Nigerian youth.

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ELECTING A POPE: THE BURDEN OF MAKING CHOICES

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By Olubunmi Mayaki

“Habemus papam!” which in the English Language means, “We have a Pope.” was pronounced by Prefect of the Apostolic Signatura, a French Catholic prelate, His Eminence, Cardinal Dominique Mamberti from the iconic loggia of St. Peter’s Basilica at the Vatican City on Thursday 8 May 2025 after white smoke billowed from the chimney of the Sistine Chapel. Those Latin words proclaimed to a tensed global audience the result of the election of a new Supreme Pontiff after the death of Jorge Mario Bergoglio (Pope Francis) on 21 April 2025 at the age of 88 years.

The Prefect of the Dicastery for Bishops, Cardinal Robert Prevost (Pope Leo XIV) emerged as primus inter pares (first among equals) from the cardinals after undergoing detailed election rituals, which have been the process of selecting the head of the 2000-year-old Catholic Church for centuries.

A papal conclave, the process by which a new Pope is selected, was held consisting of one hundred and thirty-three (133) College of Cardinals, drawn from different parts of the world converged at St. Peter’s Basilica for a public mass before heading to the Sistine Chapel to cast their votes to elect the 267th Pope. During the mass, part of the choir renditions reminded voters to remember their last day when they would stand before God in judgment to render their stewardship on earth, which is to prevent them from rigging the voting process. At the behest of the senior cardinal deacon, voting formalities were read to the electors, which included- oath-taking- “I call as my witness Christ the Lord, who will be my judge, that my vote is given to the one whom I believe should be elected according to God”. Other processes are banning phones, jamming calls, forbidding speaking or contacting any of the candidates, voting rounds, spiritual pauses etc.

Looking at the voting process, one should be curious about how an election to pick a leader for a religious body could be so systematic and attract such global attention. It is a sharp contrast to elections where political leaders are chosen. Even in the so-called advanced democracies, we have seen electoral flaws and a dearth of political leaders. States are finding it difficult to pick genuine statesmen, giving rise to hegemonic leaders. These political imperia ums are emerging and stoking crises in their domain. Fallouts of elections are no longer favourable due to unpopular candidates forced on citizens.

Africa, as a case study, shows that no matter the rules put in place by the continent’s leaders, our election processes have been fraught with rigging, corruption and waste. In most cases, the leaders who set the rules are the violators of the same process. Governments conspire with electoral bodies to truncate election processes at will. Such political brigandage has destroyed the progress of the continent.

Closing this view, I hope that African leaders will take a cue from the Catholic Church’s election process to reinvigorate and rejig the continent’s faltering political process for the good of its people. Better still; political scholars from the continent can study the Catholic model. The common features of elections in most parts of Africa, especially sub-Saharan Africa, are riddled with vote rigging, violence, human rights abuse, repression, barbarism, crises, untold hardship, and sometimes, outright war. This is the bane of Africa’s development.

The burden of making good political choices should ordinarily rest on citizens. However, politicians have hijacked this process for selfish reasons. It has given birth to bad leaders. If we fail to get it right, what we see is what we get. That is the story of the world politics!

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