The Federal Government has created a N25 billion Youth Fund to address the #EndSARS protests and other related youth restiveness in Nigeria.

This was disclosed by the Minister of Finance, Zainab Ahmed, on Saturday, at a stakeholder meeting with the Deputy Governor of Kaduna State, Dr. Hadiza Balarabe, in Kaduna, according to Punch.

The meeting is in compliance with President Muhammadu Buhari’s directive to ministers and governors to dialogue with stakeholders following the #EndSARS protests.

The minister explained that the fund would be increased to N75 billion within a period of three years.

“The Federal Ministry of Youth and Sports Development, flagged off the application for a N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.”

#EndSARS: FG to set up N25bn youth fund, says finance minister https://t.co/kpQsapHYKu

— Punch Newspapers (@MobilePunch) October 25, 2020

 

During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.

The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.

The investors’ sentiment was dampened as some key infrastructures in Lagos, the commercial nerve centre of the nation were set ablaze by the protesters. This led to a decline in the equity market by N113bn as bears maintained their grip on the local bourse.

It was recorded that market breadth closed negative as Royal Exchange lead 33 other losers the trading session on a negative note. As a result of this, all share index dipped 216.333 basis points or 0.75 percent to close at 28,449.49 index points as against 28,665.82 recorded the previous day.

It is a clear indication that the market capitalization of equities depreciated by N113bn from N14.98tn the previous day to N14.87tn as market sentiment remained on negative territory.

The market capitalization of equities depreciated by N113bn from N14,98tn the previous day to N14.87tn as market sentiment remained in negative territory.

“A turnover of 326.58 million shares exchanged in 4,367 deals was recorded in the day’s trading. It is also on record that the banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 60.08 million shares in 651 deals.”

The investors’ sentiment was dampened as some key infrastructures in Lagos, the commercial nerve centre of the nation were set ablaze by the protesters. This led to a decline in the equity market by N113bn as bears maintained their grip on the local bourse.

It was recorded that market breadth closed negative as Royal Exchange lead 33 other losers the trading session on a negative note. As a result of this, all share index dipped 216.333 basis points or 0.75 percent to close at 28,449.49 index points as against 28,665.82 recorded the previous day.

It is a clear indication that the market capitalization of equities depreciated by N113bn from N14.98tn the previous day to N14.87tn as market sentiment remained in negative territory.

Market capitalisation of equities depreciated by N113bn from N14,98tn the previous day to N14.87tn as market sentiment remained in the negative territory.

The house of former House of Representative Speaker, Yakubu Dogara, has been looted in Jos.

This adds to the recent looting of the properties of politicians by hoodlums under the guise of taking back the allegedly hoarded COVID-19 palliatives.

According to a report by Punch, the house of the former Speaker was attacked at 9 am on Sunday, October 25, and the relatives of the speaker were also attacked with valuable goods looted.

An eye witness said, “They broke into the house of the former Speaker and attacked everyone, including Dogara’s brother, and (they) are currently moving anything they see. In the process, the invaders moved several items – tricycles, furniture, electronics, and other valuables – out of the house.”

“They broke into the house of the former Speaker and attacked everyone, including Dogara’s brother, and (they) are currently moving anything they see. In the process, the invaders moved several items – tricycles, furniture, electronics, and other valuables – out of the house.”

This incident comes after thousands of people were seen in a video looting allegedly stored COVID-19 palliatives in Jos. There have also been alleged looting of COVID-19 palliatives in Lagos, Ondo, Osun, as well as privately owned properties of Senator Gershom Bassey – representing Calabar South, Senator Lere Oriolowo – representing Osun West, Senator Teslim Folarin – representing Oyo Central, amongst others.

These recent occurrences are going to embolden hoodlums that crimes of this magnitude are achievable; therefore, more attempts will be made on wealthy politicians as well as private individuals.

It is capable of raising the crime rate across the country, which has recently gone through the hijacked #EndSARS protests. Therefore, security operatives must rise to the occasion and halt the trend before it degenerates and becomes difficult to tame.