Loan for corps members

August 22, 2025 by Our Reporter

•This is a step in the right direction

When he assumed office in 2023, President Bola Tinubu knew he had an onerous task of winning over the youth to his side. Beyond politicking, it was obvious that a country that continues to neglect 70 per cent of its population is doomed to collapse sooner than later. This must have informed various schemes put in place to empower the young ones, the latest of which is the introduction of  N200,000 loan for serving members of the National Youth Service Corps (NYSC). The loan is meant to assist the young ones being paid N77,000 monthly stipend to settle down in their states of deployment.

This is quite thoughtful of the Federal Government that has moved many of the corps members to far-flung areas for the national service.

This is not the only innovative scheme for the youth. The National Education Loans Fund ((NELFUND) has been hailed by many Nigerians as one that has opened the door of quality education to the poor. By the fund, students of tertiary and technical schools are able to obtain loans for their turion fees and monthly stipend. More than 400,000 students are said to have already been enlisted from all parts of the country.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) had earlier this year  put in place a N5 billion grant for student entrepreneurs. By the grant, young people in tertiary institutions who show promise of boosting national technological development are advanced funds to prove their mettle. If sustained, the scheme would boost  Nigeria’s position in the comity of nations, especially in Africa.

It is obvious that given the level of awareness of the youth today, they would play critical roles in social, economic and political affairs in the country in the near future. It is equally in their own interest to get more involved in leadership positions as leaders of the future.

Under the Buhari administration, the Not Too Young to Rule law was passed by the National Assembly with a view to initiating the younger ones to run for legislative and executive offices. However, this achieved very little in the 2023 general elections as most of them lacked the economic power to contest against more established politicians. It is expected that, with the support now being given by the Federal Government, more would be uplifted to be able to contest.

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But, the Federal Government alone cannot bear the burden. States and local governments have a duty to support the scheme by encouraging the young ones economically and politically. Incentives to boost innovation and scholarships should be dispensed more generously across board, including from the private sector.

Nigeria is lagging behind in many facets of life; it has been said that we are largely a consumption nation, rather than  a productive one. This must change.

As countries in East and Southern Africa and other countries classified as underdeveloped in the Global South are beginning to export to the North, little goes out of Nigeria. And where we export, it is crude oil and unprocessed products.

In a technological age, our public schools are still rooted in the stone age-classrooms that are over- crowded, teachers are ill-equipped to groom those who could compete with students of other countries, many are yet to be exposed to the use of computers. These are monumental tasks before the government.

President Tinubu has taken steps worthy of applause. He must be encouraged to do much more as Africa looks up to Nigeria to play its part as the ‘giant of Africa’ in the same way that China and Japan are lifting Asia.