The Federal Government has explained why it limited the loan amount for the current beneficiaries of the N75 billion Nigeria Youth Investment Fund (NYIF) to N300,000.
The government said that it had to place a limit of N300,000 for individuals and eligible businesses who meet the conditions and guideline in order to ensure that it gets to as many beneficiaries as possible.
This disclosure is contained in a statement signed by the Director of Press, Federal Ministry of Youth and Sports Development, who noted that the disbursement of the fund is being done in phases.
READ: FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply
What the statement from the Federal Ministry of Youth and Sports Development is saying
The statement explained that the ministry had received more than 3 million applications for the initial N12.5bn made available adding that at the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries could be covered.
The statement from the ministry partly reads, “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 individuals and eligible businesses that are critical can access up toN3m subject to meeting key criteria set in the guideline and conditions.
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Considering the number of applications received, there was the need to ensure spread and enable more beneficiaries enjoy the facility.”
The ministry assured beneficiaries that higher loan thresholds would be possible once additional funds were available in subsequent phases.
The ministry in the statement also noted that it is ideal to start and gradually increase, considering that there are lots of first-time borrowers as well.
The ministry reaffirmed that NYIF was not a grant, but a loan, targeted at supporting the youth to start small businesses or to inject funds into existing small businesses.
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What you should know
- It can be recalled that the Federal Government had on October 15, 2020, launched the N75 billion Nigerian Youth Investment Fund, which was set up for investment in the innovative ideas, skills, and talents of Nigerian Youth.
- It is to also institutionally provide the Nigerian youth with a special window for accessing much-needed funds, finances, business management skills, and other inputs critical for sustainable enterprise development.
- The Federal Ministry of Youth and Sports Development is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.
Please, any update on the AGSMEIS Loans from CBN through NirsalMFB, thank you.
No money no money
I apply for this loan since last year but am yet paid,
I apply for the loan since last year am yet to receive my why?
I applied for nyif I didn’t receive messages
I applied for nyif but still no anything
Nyif I have applied since last year, I was shortlisted, verified bvn, now waiting for the loan application to be approve since February 2021 yet nothing always telling me “in processing”
PLS. WE ARE WAITING FOR THE NEXT INVITATION TO TRAIN,
I apply loan but am not receive anything
they have paid in the northern state,i dnt know why they did not wet paid for our state in ondo state.
I am. done with application and BVN verification,but till now i’ve never heard anyone in Benue state saying i’ve even undertaken training, not to talk of receiving payment alert
I am done with application and BVN verification/enrolment,but till date i’ve never even heard anyone in Benue state say i’ve undertaken training, not to talk of receiving alert of payment
i applied since last year and up till now,nothing…
the federal government should please disburse the fund as to help many youth like me to be valuable in the society
I have applied long time ago but upto now nothing i see, no next no verification
It’s true or false ?
That’s great news about it
Can I still apply
I’m not panic, everything will be fine with time.
Him!!! In this particular country Nigeria every things is going with chameleon style. Going slowly and sometimes changing colour. Today you cannot get government loan if you don’t have somebody who can mandate you to found it.
What they are doing is that, they will only give you the money if you can give them 20% of the money, which mean when you have somebody their.
Pls sir we need this loan because we applied since last year and now we reach dashboard but still nothing show
Nawa o, since last three months, you people should give us the loan na
Dear sir please help me with this loan
i apply for these loan they have never paid for ondo state.
I also applied for this loan long time ago but I never heard any body from my site ( kebbi state)who got the loan especially in my local government ( bunza)
if the loan payment is failed pls sir let us know we will remove our hope that disapoinment is nigerian manner and we will continue site and we will keep our hope to almighty allah to bringing another solution for us
I applied since last year and up till now,nothing. pls we need the loan. From Delta State
Pls sir i applied since last year and up till now, nothing. pls sir i need money to start life pls
Not even a single reply
I applied for this loan since last year up till now I have not receive the money.
I do every thing about nyif just am wait to approved me, still nothing show zero zero please am wait.
Till when will they call for the final training and start disbursement?
they will pay this july by god grace
I have applied last year I don’t receive anything
I applied this loan since nothing i see from yobe state
If there is interest %5 even %1 i will reject it. Pls remove the intrest sir or madm thank you.
Pls how long that invitated onother applicant except those are finished their own last week pls.
Please how do I apply
I need money to open some business
I have registered but I’m not Se my name. this mean my register is not accepted
even me i request this loan since 2020 but up to now no more any story.
Pls I want the entire management of NYIF to kindly note that people from the East especially Ebonyi and Imo state have not been paid. I applied this year and until now I’ve gotten nothing from the Federal Government. What is the way forward pls?
Please help us we need it to take care of our family please and please
i wonder with nyif programm i have not seen nothink
I had seen the approval but I have not see money into my account up to today.
is government are bad gv if you dont any body u are no body so we the god head beause this nigeria na wa o out lenders are stupit only god can jegt him taxs