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Ministry Approves Another Batch of 25000 As 5200 Youths Benefit From NYIF

Published

3 years ago

June 21, 2021

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Ministry Approves Another Batch of 25000 As 5200 Youths Benefit From NYIF

The Federal Ministry of Youth and Sports Development on Sunday, revealed that it has pre-approved another batch of 25,000 youths to undergo training ahead of the final clearance for disbursement of the NYIF fund.

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The Nigeria Youth Investment Fund is a 3 years programme in which N75 billion has been earmarked for the loan Scheme across the 3 years, as part of the National Economic Sustainability Plan to boost youth owned businesses and enhance job creation in Nigeria.

It was made known by Nirsal Microfinance Bank that a total amount of one billion, six hundred and twenty-nine million, two hundred and twenty thousand naira (N1,629,220,000.00) has been disbursed to 5,200 beneficiaries of the Nigeria Youth Investment Fund.

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The ministry stated that the idea to train another batch of 25,000 youths was as a result of consultation with other partners.

They also went forward to state that:

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.

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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