FMYSD Latest News: More Youths Pre-Approved For NYIF Loan Disbursement. See Details.
We delighted to inform the general public that the FMYSD has approved more Youths for NYIF loan Disbursement.
If you applied for NYIF loan and you’re yet to receive your loan, this good news for you as massive Disbursement will begin soon.
Prior to this time there has been numerous complaints over the social media platforms by applicants alleging that the FG is not been truthful to Nigerians following the process involved in the loan disbursement.
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But, Nigerian Youth Investment Fund (NYIF), operated by the Ministry of Youth and Sports Development, has disbursed loans to 5,200 youth amounting to one billion six hundred and twenty-nine million two hundred and twenty thousand naira (N1,629,220,000.00)
This information became necessary when persons are questioning the genuineness of the program. This information was made available in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loan showed that it was prepared to disburse to another batch of 25,000 youth once their loan applications are approved.
Total eligible applications approved stood at 6054 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; the 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, the applicant failed to provide a valid BVN and provided incomplete or incorrect BVN.
The Ministry beneficiaries and applicants that the Nigeria Youth Investment Fund (NYIF) disburses repayable loans to the youth and not grants.
Meanwhile, another batch of 25,000 has been pre-qualified for training ahead of final clearance for disbursement with the Ministry disclosing that it was in consultations with other partners to expand the loans disbursement platform to fast track access to the Fund.
Only N3 billion has been provided by the Central Bank of Nigeria (CBN) out of the N12.5billion approved for the first tranche of N12.5billion approved for the first tranche of the NYIF. So far, 54.6 % of the N3 billion has been disbursed.
Hope this information was useful?
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