FMYSD Debunk Allegations Of N75bn NYIF Released Fund

In light of the incredible allegation that has been made against FMYSD, the ministry has come out fighting back as FMYSD debunk allegations of N75bn NYIF Released Fund.

The Federal Ministry of Youth and Sports Development (FMYSD) insisted that there was no such released fund.

The ministry took to their Facebook page to release a press statement debunking allegations of any wrongdoings.

And this is what they wrote:

  1. The attention of the FMYSD has been drawn to some bogus and false statements which were made by a disgraced and so-called president of the NYCN that has circulated and has been falsely reported by the news media, on allegations of misusing a sum of 75BN Nigeria Youth Investment Fund (NYIF). This allegation is false, as it was reported without any fact and credibility.
  2. There was no release of 75BN because the NYIF release was set at 25BN per year for a period of 3 years. This operation began in 2021 and only 3 billion has been released, with over 2 billion distributed so far.
  3. This disbursement, which is solely handled by NIRSAL and CBN, has benefited over five thousand two hundred (5,200) recipients as part of the ongoing process. No dime from this fund was paid into the Federal Ministry of Youth and Sports account.
  4. As of June 2021, the Federal Ministry of Youth and Sports Development listed the names of the 5,200 recipients of the fund on their official website. These names were also made public in the Nation Newspaper dating back to June 21, 2021.
  5. The complete details of recipients, sector, loan amount, and reasons why some proposed applications were rebuffed are well published on the official website.
  6. The broadcasting of an ineligible press statement containing bogus claims and false information by the news media does not sit well with the ministry as the ministry considers their action alarming and dubious, for not carrying out factual checks with the ministry before pressing ahead with this ignorant allegations.
  7. The ministry will hereby like to advise the general public to distance themselves from all forms of agents promoting false information without facts, as these are all set up to make a mockery, and discredit the government and public officials.

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Source: Nyscinfo

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