africa

NYSC generates N511m operating surplus for Federation Account


The National Youth Service Corps says it generated N511m operating surplus to be paid into the Federation Account for 2021.

The Director-General of the NYSC, Brig.-Gen. Ibrahim Shuaibu, said this in an interview with journalists in Abuja on Friday.

According to him, the amount was generated through its revenue-generating ventures.

He said the figure was N231m higher than the sum remitted by the NYSC in 2020.

Ibrahim said the N511m operating surplus of the NYSC this year was generated from five major sources of revenue.

The sources were the NYSC garment factories in Anambra and Niger states as well as the bakery and table water factories in Abuja.

Other included revenue from film productions and national troupe bookings and performances.

He said, “From these ventures, we generated over N280m in 2020, which we paid into the federation account.

“For 2021, we have generated N511m, which we will also pay to the federation account. This is our contribution to the national economy.”

The NYSC DG expressed optimism that the organisation would continue to boost its revenue generation to improve the fiscal space for national spending.

To increase revenue, Ibrahim said the NYSC would maintain its internal financial management reforms and keep tapping the potential of corps members.

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