The Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.
During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.
The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.
Sunday Dare stated, “I must mention the support we enjoyed from the Central Bank of Nigeria (CBN), which in line with the President’s directive, provided the initial N12.5 billion required for the Fund to operate in the remaining part of the year 2020.
“We are also grateful that the Ministry of Finance, Budget and National Planning has on its part, committed to providing the next tranche of the fund in the 2021 budget.’’
The Minister said that the loan, provided under the NYIF, has an interest rate of 5% per annum and a tenor of 5 years with a moratorium of up to 12 months.
He explained that any youth who wished to apply as an individual or a non-registered business could draw up to N250,000, while youth-owned registered businesses could apply for up to N3 million.
Going further, he said, “Our commitment to seeing the youth succeed is such that the loan is bundled with training that will ensure business sustainability for successful applicants.
“It is my belief that the fund will grow to become a permanent feature of our society, where beneficiaries run successful businesses and repay the loans.”
The Minister said that application is available on the Nigeria Youth Investment Fund Application Portal on NIRSAL Microfinance Bank’s site, www.nmfb.com.ng; and the ministry’s website, www.youthandsport.gov.ng or www.noya.ng.
Applicants are expected to provide their Names, Email address, and Website (if available).
Just-in: Federal Government declares Thursday October 29 public holiday, to mark Eidl-Mawlid
Federal Government has declared Thursday, October 29, 2020 as a public holiday to mark the Eidul-Mawlid.
The Federal Government has declared Thursday, October 29, 2020 as a public holiday to mark the Eidul-Mawlid.
This disclosure was made by the honourable Minister of Interior, Rauf Aregbesola.
Ogbeni Rauf Aregbesola congratulated muslim faithfuls both at home and abroad for the opportunity to observe this year’s celebration. He further enjoined them to show love, patience and perseverance.
In the light of the aforementioned facts, the minister urged Muslims to detest or shun lawlessness, looting and daylight robbery which undermine National security and safety.
Ogbeni Aregbesola, who described the youths as the hope and future of the nation, advised them to deepen democracy and not dampen it.
For him, it is with more democracy that we can overcome our challenges, noting that the challenges of nationhood that we face are surmountable if we work through the democratic process.
What you should know:
Eid Mawlid is an annual celebration for Muslims meant to marked the birthday of the Prophet Mohammed.
Just-in: President Buhari reappoints Yakubu as INEC Chairman for second term
President Muhammadu Buhari has reappointed Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC).
President Muhammadu Buhari has reappointed Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC) for another five-year term.
This disclosure was made by the Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement titled, ‘President Buhari nominates Prof Yakubu as INEC chairman for a second term in office’.
The statement read, “President Muhammadu Buhari has presented the Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, for a second term in office.’’
#EndSARS protest: Hoodlums loot 110 tractors in Yola
Hoodlums looted the North East Commodity Association (NECAS) Warehouse In Yola state.
Due to the ongoing demonstrations against police brutality tagged “EndSARS” protest, hoodlums have stolen at least 110 tractors and other farm implements from the North East Commodity Association (NECAS) Warehouse In Yola.
Confirming this development to TheVanguard, was the chairman of NECAS, Alhaji Sadiq Umar-Daware, who also revealed that the hoodlums also broke into the main warehouses of the Rice Farmers Association and Maize Farmers Association of Nigeria, carting away valuables which include farm inputs and fertilisers.
What they are saying
Commenting on the latest development, Mr. Umar-Daware, said: “They did not only took tonnes of produce, but they also made away with the farm inputs for the dry season farming and the offices of Rice Farmers Association, Maize Farmers Association of Nigeria (MFAN) and the NECAS were also looted and vandalised.
Commenting further, he said: “What they took away include tonnes of rice, beans, maize, sorghum and millets, and computers, tables, chairs, office equipment, water dispensers and cash,’’ he said.
Mr. Umar noted that complaints have been forwarded to security agencies, although the organization is still awaiting a formal response. He, however, urged people in Adamawa and its environs to be on the lookout for anybody in possession of the tractors, and report to NECAS, RIFAN and MFAN officials for recovery and necessary action.
What you should know
NECAS is involved in agriculture-related services and human capacity development across the North-East region States of Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe.
Since its establishment in 2018, the association has expanded its scope of activities, especially through the Federal Government, CBN’s Anchor Borrowers’ Programme (ABP), mechanisation drive, and partnerships with development agencies.