The Ministry of Youth Sports Development has disclosed that it has disbursed the sum of N1,629,220,000.00 under the Nigeria Youth Investment Fund (NYIF) to 5,200 youths so far.
This was disclosed by the Ministry on Sunday in its recent loan update to the NIRSAL Micro Finance Bank (NMFB), citing that 25,000 youths would soon receive loans as soon as it receives approval.
Highlights of the update:
- 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.
- Some applications were turned down because they did not provide valid or correct contact details for communication on further steps in the loan application; or had existing AGSMEIS or COVID-19 Loan while some others were more than 35 years old.
The Ministry added that other reasons some applicants got rejected include poor credit rating or they currently had a non-performing loan with some others failing to provide a valid BVN as well as incomplete or incorrect BVN.
“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,” they added.
What you should know
The Federal Government launched the N75 billion Nigerian Youth Investment Fund in October 2020, which was set up for investment in the innovative ideas, skills, and talents of Nigerian Youth.
The youth 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.
I Okonkwo Ekene Francis pricisely form the Eastern part of Nigeria is the Ceo of Warehouse Price Global Ltd.
Warehouse Price is a Fabrication and a manufacturing company that specializes in fabrication of processing and farm machinery, Training and raising young and existing entrepreneur in acquiring skills in modern construction designs. We registered for AGMEIS loan of (#10million) at Nirsal Microfinance Bank Onitsha which after application the call for an interview which I deed but till now I have seen the loan. I only recieve the one of #500,000 which by God grace I will start paying from next year year January 2022.
Pls I plead that this loan of #10million should be granted Thanks.
I Oyeniyi Olumayowa has filled the households loan request since last year and this year I saw another one which I tried reapply but only tells me my bvn already exists. I’ve never been called that my loan has been granted talk less interview. Please I need more light on this.
Is this loan scheme in batches?
If yes, when is the new batch coming up?
Thanks sir.
This will help the present government to achieve they objective God bless federal government of Nigeria
Pure lies. Am sure no youth receive anything from anyone. I have tried a lot of times but it never work. Only if it is directed to a certain part of people.
This will encourage Nigeria youth, for how long this loan will be granted and materialise?
The site should be updated for previewing information and edit in case of miscomputing or phone torch issue…
For my own case I intend to upload my citizenship certificate as I proceed and I later discovered that it’s a school Logo that I designed that was uploaded due to my forwarding it to my sister on WhatsApp who message me to watched what I sent to her.
It really pain me because I have missed the first step
Good morning Sir. I really appreciate the management for the good work so far it will help the youths very well. Please Sir for how long is it going to take because my dashboard keeps telling me my loan has not been approved yet thanks and God bless
how wor
ks
When will the second face be paid?
Help
When this secon batch will be paid thsnks yoursfaithful musa a hamid
not yet approve, way forward plz
please help me
help me please
i want this loen
Is this really true? hope its not just about getting the BVN and giving us high hopes.. really need it tho, how’s it done? please throw more light.. thanks