NYIF: 5,200 Youth Benefits/25,000 Await Approval/845 Yet To Get Disbursement/ Disqualifies 721

NYIF: 5,200 Youth Benefits/25,000 Await Approval/845 Yet To Get Disbursement/ Disqualifies 721: The NYIF has disbursed over N1.5 Billion so far in the quest to empower the Nigeria youths, the Ministry of Youth and Sports Development disclosed weekend

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Over 5000 Young minds have benefited from the programme, more than 25,000 more are on the cross road on getting approved

“The information is contained 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 they their loan applications are approved”

The Nigeria Youth Investment Fund (NYIF)-Breakdown on fund spent

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  • Total eligible applications approved stood at 6054
  • Out of which the 5,200 disbursements were made
  • The number of those that have been approved but yet to get disbursement is 854.
  • The number of unqualified applicants for the batch stood at 721.

Disqualifies 721 Applicants due to

  • With Poor Credit Rating
  • Some applicants failed to provide a valid BVN  
  • Incomplete or incorrect BVN.
  • Some Applicants did not provide valid or correct contact details for communication on further steps in the loan application;
  • Some applicants have 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 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 have 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 the NYIF. So far, 54.6 % of the N3 billion has been disbursed.

“About 25,000 are lined up for approval, training and eventually disbursement”

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