In accordance with the processing of more than three million applications received so far, the Nigeria Youth Investment Fund (NYIF) has completed its pilot loan disbursement of a total of N165.7m to 239 beneficiaries.
The Funds were approved by the Federal Executive Council on 22 July 2020 and are being implemented in partnership with the Central Bank of Nigeria and the Ministry of Finance, Budget and Planning.
It is disbursed by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.
The statement issued by the Special Assistant (Media) to the Minister of Youth and Sports Development, John Joshua-Akanji, on Tuesday stated that 3,120,107 people had registered for the NYIF Pre-Assessment/Training application.
“Of the about 1000 processed as part of the pilot disbursement, a total of 94 ere disqualified from the NYIF loan after training as a result of existing COVID-19 or AGSMEIS loan that they have benefited from”, Joshua-Akanji said.
He continued, “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”.
Joshua-Akanji further explained that some accounts provided by some applicants could not be credited because they had limits placed on the amount of money they can receive.