Truetells Nigeria reports that the Fund would be financed with a levy of 1 per cent of the net profit of companies and organised private sector operating business in Nigeria; 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 of the Federation.

Other sources of funds include “such money as may be appropriated to meet the objective of this Act 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.”

The proposed Fund is to “provide sustainable source of funds for NYSC, skill Acquisition training and provision of start-up capital to corps members, train and retrain the personnel of the NYSC, develop camps and NYSC formations and provide facilities therein.”

It will also “improve the general welfare of corps members and personnel of the scheme and enhance their preparedness to effectively discharge their statutory duties of promoting national unity, integration, self-reliance and accelerated development of the national economy.”

The proposed law will, therefore, provide a legal framework for management and control of the special intervention fund established under Section 3 of the Act.

The bill partly reads, “The Trust Fund established under Section 3 of this Act covers all corps members, personnel of the NYSC, orientation camps, formations, facilities and for the overall improvement and efficiency in the discharge of their duties and responsibilities.

“The Trust Fund is to operate concurrently with the National Youth Service Corps scheme from the commencement of the bill.”