The Nigerian Government said plans are underway to restructure the National Youth Service Scheme (NYSC) to include a diaspora support scheme. This was disclosed by Finance Minister Dr Zainab Ahmed on Wednesday while speaking at the Ministerial Presentation of the 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.
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What she said:
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 Buhari administration and that the focus will be on the following:
- Critical macroeconomic and fiscal reforms to spur vital investment in healthcare and climate change.
- Fiscal reforms to spur job creation for youth, women, and SMEs.
- Long overdue reforms to tax incentives to pivot from old, established industries to the modern and new economy.
What you should know
Nigeria’s president, Muhammadu Buhari presented the 2023 fiscal budget to the Joint Session of the National Assembly. Buhari proposed an annual budget of N20.51 trillion for the year 2023, a 19.8% increase when compared to the N17.13 trillion approved for 2022, including the supplementary budget.
