NYIF LATEST NEWS: More Pre-qualification, Training, Approval and Disbursement Assured as only 10.48% of Fund disbursed.
The Federal Government, announced that it has disbursed N1.31 billion to atleast 4,680 beneficiaries under the Nigeria Youth Investment Fund (NYIF) from the first tranche of N12.5 billion released for the programme.
Recall that the Federal Ministry of Youth and Sports Development earlier this year announced that it had disbursed loans totaling N165,700,000 to 239 beneficiaries of the Nigeria Youth Investment Fund (NYIF) in its pilot Phase of the Scheme, ahead of the processing of the over three million applications it had received. Check: https://bit.ly/33wyeCk.
The overal disbursement of N1.31billion is just 10.48% of the allocated fund of 12.5 Billion for the first year of the programme.
The Nigeria Youth Investment Fund is a 3 years programme and has N75 billion 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.
The Ministry had also in a statement noted that the initial release of N12.5 billion, at the current cap of N300,000.00 maximum loan per beneficiary, would cover 41,000 beneficiaries.
Taking overal Statistics, it clearly indicates that about 36,320 (41,000 – 4,680) beneficiaries (at the current cap of N300,000.00 maximum loan per beneficiary) are yet to emerge in the this first trench of released fund of N12.5 Billion, and N11.19 Billion is yet to be disbursed in this first release.
Re-evaluating the number of expected beneficiaries in the remaining fund of N11.19Billion at N300,000 maximum loan per beneficiary, obviously more than 36,000 beneficiaries would benefit from this remaining fund.
On this note, the Director of Press, Federal Ministry of Youth and Sports Development, Mohammed Manga called for patience among the applicants of the programme, assuring that more disbursement will be made in the coming weeks.
However, an applicant of the loan scheme is ONLY qualified for the disbursement after Training and Approval of his/her loan application.
The Ministry further assured that Pre-qualification, Training Invitation, Training and loan Approval will continue in no distant time but “right now” no training is on going, while encouraging all Applicants to be patient.
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