The Federal Government of Nigeria has disbursed a sum of N300, 000 each to 41,000 beneficiaries of the Nigeria Youth Investment Fund, totalling N12.5 billion.
This is according to a disclosure by the Ministry of Youth and Sports Development. The disclosure revealed that the NYIF received about three million applications, out of which was streamlined to 41,000 successful candidates in the current phase.
Implicitly, given the volume of applications and limited resources, the maximum loan obtainable per individual in the current phase was downwardly reviewed to N300, 000 so as to ensure spread and enable more beneficiaries enjoy the facility.
READ: Read CBN Detailed Guidelines for Nigeria Youth Investment Fund (NYIF) Loan
Commenting on the recent development, the statement by the Ministry read: ‘’The Ministry of Youth and Sports Development has been following with interest the reaction of some beneficiaries of the NYIF, particularly those expressing disappointment at the N300,000 cap on disbursement under the first tranche of N12.5bn.
“Firstly, the framework specified N250, 000 as the maximum for individual and eligible businesses that are critical can access up toN3m subject to meeting key criteria set in the guideline and conditions.
“Considering the number of applications received, there was need to ensure spread and enable more beneficiaries enjoy the facility.” The Federal Government of Nigeria on 15th of October, 2020 launched the N75 billion Nigerian Youth Investment Fund set up with the motive of investing in innovative ideas, skills and talents of the Nigerian youth. Sequel to this, the fund is set up to facilitate easy access to the much-needed funds, finance, skills and other essential inputs necessary to accomplish the goal.
