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FEC Approves N75bn Nigerian Youth Investment Fund Restructuring

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President Bola Tinubu
President Bola Ahmed Tinubu
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The Federal Executive Council (FEC) has approved restructuring the Nigerian Youth Investment Fund with additional provisions for it.

This was revealed by the minister of youth development, Jemila Bio Ibrahim after a meeting of the council at the Presidential Villa, Abuja on Wednesday.

She said the N75 billion fund, which was originally established in 2020, will now be institutionalized.

According to her, it will receive N25 billion from the 2024 supplementary appropriation while the central bank of Nigeria will release additional N60 billion to it.

She said: “Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.

“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. “These measures aim to support young businesses and stimulate economic growth.”

Jamila also said that FEC approved the institutionalization of a 2% youth quota in all government appointments and women representation of 30%.

“I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalize a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%,” she said.

According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”

 

 

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Akpabio, Oshiomhole Clash in Senate Over New Leadership Rules

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A mild drama unfolded in the Nigerian Senate on Wednesday as Senate President Godswill Akpabio and Senator Adams Oshiomhole engaged in a heated exchange during plenary.

The incident came just a day after the Senate amended its Standing Orders to tighten eligibility requirements for leadership positions.

Trouble began when Akpabio started reading the Votes and Proceedings from Tuesday’s sitting. Oshiomhole interrupted by raising a point of order, but Akpabio quickly ruled him out, explaining that Senate rules do not permit such interruptions at that stage.

Despite the clarification, Oshiomhole insisted on being heard.

To settle the matter, Akpabio called on former Chief Whip, Orji Uzor Kalu, to explain the rule. Kalu confirmed that points of order are not allowed during the consideration of Votes and Proceedings.

However, Oshiomhole continued to press his objection, drawing the attention of Senate Whip Tahir Monguno, who warned him against disrupting proceedings and hinted that disciplinary measures could be taken.

Akpabio then resumed the session, directing senators to specific pages of the Votes and Proceedings and urging them to familiarize themselves with the chamber’s rules.

In a stern remark, the Senate President cautioned Oshiomhole against further disruption, warning that he could be sanctioned if he became unruly.

Following the exchange, the Senate moved on with its business. Senator Adamu Aliero later moved for the adoption of the Votes and Proceedings, which was seconded by Senate Minority Leader Abba Moro.

The confrontation is believed to be connected to the Senate’s recent amendment of its Standing Orders. Under the new rule, only senators who have served at least two consecutive terms immediately before nomination are eligible to contest for presiding offices.

This change effectively disqualifies Oshiomhole from contesting for any presiding position in the current Senate.

Proceedings eventually continued without further disruption.

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Tinubu Nominates Joseph Tegbe as Minister of Power

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Joseph Tegbe
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President Bola Tinubu has asked the Senate to confirm the nomination of Joseph Tegbe as a minister.

The request was contained in a letter read on Tuesday by Senate President Godswill Akpabio during plenary. Tinubu said the nomination was in line with constitutional provisions and urged the Senate to give it quick consideration.

Akpabio assured lawmakers that the request would be handled promptly and referred it to the committee of the whole for immediate action.

Earlier, presidential spokesman Bayo Onanuga announced the nomination, noting that Tegbe is an economic and fiscal reform expert with over 35 years of experience in both public and private sectors.

Tegbe, an indigene of Oyo State, previously served as a senior partner at KPMG Africa and has advised government and private organisations on policy reforms and investment strategies.

The nomination follows the resignation of former Minister of Power, Adebayo Adelabu, who stepped down to pursue his governorship ambition in Oyo State.

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Obi Dumps ADC, Cites Internal Crisis and Division

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Former presidential candidate of the Labour Party, Peter Obi, has announced his resignation from the African Democratic Congress (ADC).

 

Obi disclosed this in a statement shared on his verified X handle on Sunday, explaining that his decision was not influenced by any personal grievances with the party’s leadership.

 

He noted that he holds the party’s National Chairman, David Mark, in high regard, as well as former Vice President, Atiku Abubakar, whom he described as a leader and elder brother. According to him, none of them treated him unfairly.

 

The former Anambra State governor, however, expressed concern over what he described as growing instability within the party. He alleged that the same systemic issues that destabilised the Labour Party—such as internal conflicts, prolonged court cases, and divisions—are beginning to surface within the ADC.

 

Obi added that these developments are diverting attention away from addressing critical national challenges, accusing the political system of prioritising control and exclusion over genuine service and nation-building.

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