According to the Ministry, recent information provided by the Nirsal Microfinance Bank (NMFB) showed that loan amounting to one billion, six hundred and twenty-nine million, two hundred and twenty thousand naira (N1,629,220,000.00) has been disbursed to 5,200 youth in the Scheme.
Disclosing the preparedness to train another batch of 25,000 youths, the Ministry noted that it was in consultations with other partners to expand the loans disbursement platform and fast-track access to the Fund.
"Total eligible applications approved stood at 6,054 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," the Ministry added.
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; 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, applicant failed to provide a valid BVN and provided incomplete or incorrect BVN.
The Ministry re-emphasized to the beneficiaries and applicants that the Nigeria Youth Investment Fund (NYIF) disburses repayable loans to the youths and not grants.
The Youth and Sports Ministry further disclosed that 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 while about 25,000 are lined up for approval, training and eventually disbursement, the Ministry added.
The ministry's Director of Press, Muhammad Manga had in a press statement noted that the Ministry received over three million applications for the N12.5 billion that is approved in the first trenche of the Scheme
Mr Manga stressed that at the current cap of N300,000.00 maximum loan per beneficiary, only about 41,000 beneficiaries can be covered.
Related: NYIF: FG disburses N1.31billion to 4,680 beneficiaries, assures more disbursement coming weeks
The Nigeria Youth Investment Fund is a 3 years programme in which N75 billion has been 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.
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