FG to Restructure NYSC to Boost Capital Inflow

By Adedapo Adesanya

The Nigerian government said plans are underway to restructure the National Youth Service Scheme (NYSC) to include a diaspora support scheme.

This was one of the points raised by the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, on Wednesday at the Ministerial Presentation of the N20.51 trillion 2023 budget.

She noted that this is part of the government’s ongoing efforts to create jobs and facilitate inbound capital flow into the country.

Speaking further, the Minister disclosed that in line with efforts to boost job creation and economic growth, the federal government is also looking at further reforms that will boost the ease of doing business in the country.

According to her, doing this will be beneficial to SMEs and startups, especially those in the fintech, entertainment, and arts sectors.

“We are also looking at restructuring the NYSC to support the diaspora scheme, which is being considered to create jobs and facilitate inbound capital and investments into the economy,” she said.

Commenting on the proposals for the Finance Bill 2022, the Minister noted that it would be the final finance act of the administration of President Muhammadu Buhari and that the focus would look at critical macroeconomic and fiscal reforms to spur vital investment in healthcare and climate change.

She noted that the government would work hard on its fiscal reform to spur job creation for youth, women, and small and medium-scale enterprises (SMEs).

Mrs Ahmed also noted that there are long overdue reforms to tax incentives to pivot from old, established industries to the modern and new economy.