The Federal Ministry of Youth and Sports Development (NYIF) in several tweets and in response to their queries, Friday, urged the applicants of the Scheme to exercise patience, further clarifying that:
1. An applicant of the Programme must be Trained before his/her loan is considered for Approved.
2. All the processes have been batched and will continue in batches. Patience is needed.
3. Registering on the Registration portal https://nyif.nmfb.com.ng is not the same as Loan Application.
(i) After Registration on the portal, text messages are sent to qualified applicants in batches. That is the Pre-qualification Text messages.
4. Only Applicants whose Loan Applications meet required criteria are invited for Training. That's is to say that not all the prequalified applicants will be invited for Training.
5. After the Training, qualified applicants who completed the Training Processes are further assessed and their Loans granted approval.
6. Loan Disbursement is on going and done in Batches too.
7. Any Trained Applicant who got approval but whose loan has not been Disbursed due to Account Number issues, but wishes to change his/her account number should act in quote:
"If the account number you wish to use has the NUBAN Account number and the account name is the same as the one you used for registration for the NYIF, please send the details to nyif@youthandsport.gov.ng. Please DO NOT share your personal details and your BVN on Twitter"
8: "Training is presently not in progress. Information on the training date will be provided as soon as training commences."If the account number you wish to use has the NUBAN Account number and the account name is the same as the one you used for registration for the NYIF, please send the details to nyif@youthandsport.gov.ng.
— Nigeria Youth Investment Fund (NYIF) (@FMYSD_NYIF) May 21, 2021
Please DO NOT share your personal details and your BVN on Twitter
Why the Applicants should be Patient
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.
Out of the N75 Billion, only N12.5 Billion has been released in this first year.
Related: NYIF: FG disburses N1.31billion to 4,680 beneficiaries, assures more disbursement coming weeks
Out of the N12.5 Billion released, only N1.31 Billion has been disbursed to 4,680 (which it's disbursement is ongoing).
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.
Their is a capping that each beneficiaries of the Programme will receive a maximum of N300,000 Loan. The reason is to enable many Nigerians Youths benefit from the Programme.
The Ministry had in a statement noted that the initial released N12.5 billion, at the current cap of N300,000.00 maximum loan per beneficiary, would cover 41,000 beneficiaries. Only 4,680 beneficiaries have emerged.
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, amount to N11.19 Billion yet to be disbursed in this first release.
After this year's programme, the Registration portal will be reopened. Applicants who can't make it in the first phase, can re-apply.
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