NYIF: FMYSD insists on Training before Loan Approval and Disbursement

Following the recent "Account Update" made by the applicants of the Nigeria Youth Investment Fund as directed by the Federal Ministry of Youth and Sports Development, some applicants misconstrued the directives as a sudden decision to truncate the loan disbursement process.

Some Applicants asserted that after the Account Update, the next step will be disbursement of the NYIF loan to the Applicants who had succeeded in updating their Bank Accounts, purporting cancellation of the "Training".

The Federal Ministry of Youth and Sports Development however in a report has clarified that the Training of the applicants of the Nigeria Youth Investment Fund is not an option but an essential and compulsory  process in assessing the NYIF Loan, which every applicant must undergo regardless of region or calibre.

The Ministry further noted that Training of the Applicants is in batches while encouraging the applicants to remain patient and await their online training invitation.

FMYSD in one of its latest updates announced that it has pre-qualified another batch of 25,000 Youths who would participate in the compulsory Training before qualifying for the loan disbursement. 

This followed the disbursement of N1,629,220,000 to 5,200 youths out of 6,054 total eligible application it approved in the first batch.

Recounting the factors that disqualified 854 youths out of the 6,054, the Ministry has moved to eliminate some of the eliminable NYIF disqualifying factors by initiating the "Account Update", which it says does not in any way mean cancellation of the Training Process.

The Ministry further clarified that the Nigeria Youth Investment Fund is a 3 years programme which has only recieved  N3 Billion released by the Central Bank of Nigeria out of the N12.5billion approved for the first tranche of the NYIF. 

According to the Ministry's report "so far, 54.6 % of the N3 billion has been disbursed"

Hence, in the next two years, it is expected that the N75 Billion earmarked for the programme would have been disbursed to the Nigerian Youths on the present maximum loan cap of N300,000 per beneficiary. 

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