The Federal Ministry of Youth and Sports Development (FMYSD), has elaborately cleared doubts of beneficiaries of the Nigeria Youth Investment Fund (NYIF) on disbursement of loans.
Naija News reports that the Ministry in a statement released on its official Twitter handle on Tuesday, April 20 appealed to beneficiaries of the NYIF loan programme over the slash of the accessible amount to N300,000.00.
FMYSD noted that the accessible amount was reduced to N300,000 so as to ensure spread and enable more beneficiaries to enjoy the facility.
Naija News understands that the ministry had announced N250,000 earlier as the maximum accessible fund for individual, and eligible businesses that are critical can access up to 3m subject to meeting key criteria set in the guideline and conditions.
However, due to the current economy and to be able to cover a huge number of applicants, the ministry said there was a need to cut down the cap.
The ministry claimed it received no fewer than three million applications for the N12.5 billion that is available; and at the current cap of N300,000.00 per beneficiary, only about 41,000 beneficiaries can be covered.
It also pointed out that some of the applicants have benefitted much from existing intervention, which has supported them and are impacting the economy.
FMYSD, however, assured that higher loan thresholds would be possible once additional funds are available.
Click the tweet below to read the full thread:
PRESS STATEMENT@NigeriaFMYS CLEARS DOUBT ON NYIF DISBURSEMENT@NigeriaFMYS has been following with interest the reaction of some beneficiaries of the Nigeria Youth Investment Fund #NYIF, particularly those expressing disappointment at the N300,000.00
— Nigeria Youth Investment Fund (NYIF) (@FMYSD_NYIF) April 20, 2021
cap on disbursement under the first tranche of N12.5 billion.
Firstly, the framework specified 250k as the maximum for individual and eligible businesses that are critical can access up to 3m subject to meeting key criteria set in the guideline and conditions.— Nigeria Youth Investment Fund (NYIF) (@FMYSD_NYIF) April 20, 2021
Meanwhile, the Minister of Niger Delta Affairs, Godswill Akpabio, has said the Niger Delta Development Commission (NDDC) is broke and needs better funding to carry out its duties.
Speaking at the NDDC capacity building workshop held in Uyo, Akwa Ibom State, on Friday, Akpabio said the commission needs to be better funded to improve service delivery in the Niger Delta region