By Dwelleth Morountodun
The Federal Government through the Ministry of Youth and Sports Development on Tuesday said the ministry currently processing a fresh round of disbursements of the Nigeria Youth Investment Fund (NYIF) to youth beneficiaries whose application have been successful.
The Ministry’s Director of Public Affairs and Communications, Mr. Mohammed Manga, in a statement, said less than 14% of the newly shortlisted applicants from the over 25,000 successful candidates, who are expected to be part of the loan, have responded to emails confirming their approval to receive the soft loan.
According to him, instructions on how to access the funds are contained in the email sent.
He said: “The rate of response to the emails have been quite low. However, others who responded have received the funds into their PFI designated bank accounts.
“Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting this opportunity.
“The Nigerian Youth Investment Fund (NYIF) is being disbursed to the youth who have expressed business needs within a range of N250,000.00 to N3 million depending on the scale of the business and its evaluation.”
About 6,000 youth benefitted from the first set of disbursements in 2020 and the names of the beneficiaries have since been made public, Manga said.
While in the second batch 4,375 have so far responded to their loan offer messages and received their funds, he added. The Director, stated that the NYIF guidelines and processes remain the same.