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Several Nigerians appear to be in the dark over why their Nigeria Youth Investment Fund (NYIF) loans were not approved by NIRSAL/CBN. Some people are even beginning to think that the loans are only available to Nigerians with powerful “godfathers.”
To clear the air on such an assumption, the Federal Ministry of Youth and Sports Development disclosed the reasons some applicants’ loans might not be approved.
Below are the reasons some applicants were not pre-qualified for loan disbursement:
- Applicant did not provide valid or correct phone number for communications on further steps in the loan application.
- Applicant has an existing AGSMEIS or COVID-19 Loan.
- Applicant is over 35 years old, which puts them beyond the age bracket for youths.
- Applicant has a poor credit rating or currently has a non-performing loan.
- Applicant failed to provide a valid BVN.
- Applicant provided incomplete or incorrect BVN.
READ: How to know if your NIRSAL COVID-19 loan is approved
Also Read
What you should know about NYIF
NYIF, which is operated by the Ministry of Youth and Sports Development, has disbursed loans to 5,200 youth amounting to about N1.63 billion.
This was revealed in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loans. The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications were approved.
In a statement issued by the Ministry and seen by Nairametrics, it stated, “Total eligible applications approved stood at 6054 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.
READ: FG explains why the loan for youth investment fund is limited to N300,000
An advisory from the Ministry revealed that some applications were turned down because the applicants did not provide valid information as listed above.
The Ministry wishes to further remind beneficiaries and applicants that the monies disbursed by the Nigeria Youth Investment Fund (NYIF) to the youth are not grants, but repayable loans.”
Meanwhile, another batch of 25,000 youth has been pre-qualified for training ahead of final clearance for disbursement, with the Ministry disclosing that it was in consultations with other partners to expand the loan disbursement platform so as to fast-track access to the funds.
READ: CBN discloses eligible businesses, those ineligible to apply for N75 billion Youth Investment Fund
Only N3 billion has been provided by the Central Bank of Nigeria (CBN) out of the N12.5 billion approved for the first tranche of the NYIF. So far, only 54.6 % of the N3 billion has been disbursed.
About 25,000 are lined up for approval, training and eventual disbursement.
Dear sir, still yet sir just we are waiting pls consider me i’m in situation since am in it thanks
Dear Sir,I have received any thing since this covic pandemic started.please I plead with you help us
Please when will they disburse the loan to the remaining applicant.
So the older ones in the society should go and die in poverty, thank God man is not God. Yet government will come to the supposed above 35 years of age for tax or revenue
Please Dear Mr sr send me vivid 19 I have a money we are finally national dpoloma place my bvn 2246279251
Please delete BVN
Why covc19 that cannot approved money
why are you disclosing your bvn
Why nirsl no to approve every one, we approve those there have gad father’s only.
Pls sir I ve not gotten any thing from covid – 19 disbursement.pls they shld try nd do something abt it.
aishatu what
Please help me and approved
I registered since February this year 2021,my name appears in shortlisted but when I try to log in my bvn to check approved amount,nothing show’pls help.
Goodmorning sir,pls I applied for the covid 19 household targeted facility sometimes in march,and I have since been approved on 4th of june and up till now I have not gotten the funds in my account. Pls what should I do?
Sir, what is hope of some of us that applied for Covid~19 loan this year (batch B),since some have not received any approval?
Sir always that not e’xerd
SIR PLEASE DO I GO ABOUT THE LOAN AM RELLY IN NEED OF IT
Good morning sir, please let the government do something to most of Us that are into Agriculture, this is our own season, most of us don’t have Capital to finance our farm activities. How I wish I can be given the loan now it will go a long way to help me in my farm activities, I have over 20 hectares of farm land but no money to finance it. My is yet to be approved, and time is going. Please government should help us look to it. Thanks
I went thru all previous/above comments…
Non of them even worth reading talkles of understanding.
And the most pathetic part of it is that all of you claimed to be youth/graduate.
.
.
. You guys should kindly work on your message then come back here to come buy
. . . and you wrote these lines
? Am in shock. Thank God we are not in dry season their English could spark a fire outbreak ??