NYSC To Remit N511 Million Operating Surplus Into Federation Account
Ibrahim Shuaibu, the director-general, National Youth Service Corps, NYSC, said on Saturday, November 20, 2021, that the Scheme, through its revenue-generating ventures, will remit the sum of N511 million operating surplus into the Federation Account in 2021.
Shuaibu, who said this while briefing journalists in Abuja, disclosed that the figure was N231 million higher than the sum remitted by the NYSC in 2020.
According to him, the N511 million operating surplus of the NYSC this year was generated from five major sources of revenue.
The cash cows were the NYSC garment factories in Anambra and Niger states as well as the bakery and table water factory in Abuja. Other sources of revenue during the year were film productions and national troupe bookings and performances.
“From these ventures, we generated over N280 million in 2020, which we paid into the federation account. For 2021, we have generated N511 million which we will also pay to the federation account. This is our contribution to the national economy,” he said.
The federation account is currently being managed on a legal framework that allows funds to be shared under three major components – statutory allocation, Value Added Tax distribution, and allocation made under the derivation principle.
The NYSC DG, therefore, expressed optimism that the Scheme would continue to boost revenue generation to improve the fiscal space for national spending.
To increase revenue, Brigadier Shuaibu said the NYSC would maintain its internal financial management reforms and keep tapping the potentials of corps members.
He said, “When I took over affairs in 2017, I said we will not continue to be a beggar agency depending on the government for 100 percent of its finance. That is why we introduced so many initiatives. We are determined to tap the potentials of our corps members. So, we want the support of all Nigerians to take care of them and feel concerned for their welfare.”