FG disburses N1.6bn loan to 5,200 youths

The Nigeria Youth Investment Fund (NYIF), operated by the federal Ministry of Youth and Sports Development, has disbursed loans to 5,200 youths to the tune of N1,629,220,000.00

The information is contained in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disbursed the loan.

The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications are approved.

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.

An advisory from the Ministry revealed that some applications were turned down because the applicants 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, which puts them beyond the age bracket for youth.

Other reasons are that the applicants had poor credit rating or currently had a non-performing loan with some others failing to provide a valid BVN as well as incomplete or incorrect BVN.

The Ministry reminded beneficiaries and applicants that the monies disbursed by the NYIF to the youth are not grants, but repayable loans.

Meanwhile, another batch of 25,000 youth have 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 loans disbursement platform so as to fast-track access to the Fund.

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 percent of the N3 billion has been disbursed.

About 25,000 are lined up for approval, training and eventual disbursement.

The Nigeria Youth Investment Fund (NYIF), operated by the federal Ministry of Youth and Sports Development, has disbursed loans to 5,200 youths to the tune of N1,629,220,000.00 The information is contained in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disbursed the loan. The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications are approved. 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. An advisory from the Ministry revealed that some applications were turned down because the applicants 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, which puts them beyond the age bracket for youth. Other reasons are that the applicants had poor credit rating or currently had a non-performing loan with some others failing to provide a valid BVN as well as incomplete or incorrect BVN. The Ministry reminded beneficiaries and applicants that the monies disbursed by the NYIF to the youth are not grants, but repayable loans. Meanwhile, another batch of 25,000 youth have 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 loans disbursement platform so as to fast-track access to the Fund. 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 percent of the N3 billion has been disbursed. About 25,000 are lined up for approval, training and eventual disbursement.


The Nigeria Youth Investment Fund (NYIF), operated by the federal Ministry of Youth and Sports Development, has disbursed loans to 5,200 youths to the tune of N1,629,220,000.00 The information is contained in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disbursed the loan. The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications are approved. Total eligible applications approved stood at 6054 out of which the 5,200 disbursements were made, leaving the number of those tha...


The Nigeria Youth Investment Fund (NYIF), operated by the federal Ministry of Youth and Sports Development, has disbursed loans to 5,200 youths to the tune of N1,629,220,000.00 The information is contained in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disbursed the loan. The update also showed that it was prepared to disburse to another batc...


Nigeria Youth Investment Fund (NYIF)