Fed Govt Disburses N166m To 239 Beneficiaries

Ahead of the processing of the over three million applications so far received, the Nigeria Youth Investment Fund of the Federal Government has completed its pilot disbursement of loans totaling N165.7m to 239 beneficiaries.

The money, approved by the Federal Executive Council on July 22 2020, is being implemented in partnership with the Central Bank of Nigeria, Ministry of Finance, Budget and National Planning and disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.

A statement issued on Tuesday by the Special Assistant (Media) to the Minister of Youth and Sports Development, John Joshua-Akanji, said application data showed that a total of 3,120,107 had registered for the NYIF Pre-Assessment/Training to benefit from the N75bn three-year financing for youth-owned businesses and ideas.

He said, “Of the about 1000 processed as part of the pilot disbursement, a total of 94 were disqualified from the NYIF loan after training, as a result of existing COVID-19 or AGSMEIS loan that they have benefitted from.

“A total of 500 applicants have been invited by NMFB to apply for the NYIF loan after training and successful due process check while loan application by the applicants is at various times and the application is open until the applicants are able to provide all the requirements and complete the process.

“Out of the 500 invited for the loan application, only a total of 393 have completed the loan application process and applied for the loan out of which a total of 293 applied early and their loan was processed and sent to CBN for approval at a total sum of N191.7m. On approval by CBN, a total of 239 have been successfully disbursed at a total sum of N165.7m.”

He explained that some accounts provided by some applicants could not be credited because they could not receive money beyond some limits.