Total eligible applications approved stood at 6,054 out of which the 5,200 disbursements were made, leaving the number of those that have been approved but yet to get disbursement at 854.The number of unqualified applicants for the batch stood at 721.
An advisory from the Ministry revealed that some applicants were not qualified for loan disbursement because the applicant did not provide valid or correct contact details for communication on further steps in the loan application; applicant has existing AGSMEIS or COVID-19 Loan and that an applicant is older than 35 years old, which puts them beyond the age bracket for youth.
Other reasons are that the applicant has a poor credit rating or currently has a non-performing loan, applicant failed to provide a valid BVN and provided incomplete or incorrect BVN.
The Ministry also made it known again that the Nigeria Youth Investment Fund is a repayable loan and not a grant, meaning the money will be paid back to the ministry.
You may want to read FG Opens Fresh COVID-19 Fund Application Portal – How To Apply
Only N3 billion has been provided by the Central Bank of Nigeria (CBN) out of the N12.5billion approved for the first tranche of the NYIF.
So far, 54.6 % of the N3 billion has been disbursed while about 25,000 are lined up for approval, training and eventually disbursement, the Ministry added.
Ministry Approves Another Batch of 25000 As 5200 Youths Benefit From NYIF