NYIF Gives Update on Loans Disbursement

The National Youth Investment Fund, NYIF, has given the reasons some beneficiaries of the Federal Government’s youth empowerment were not pre-qualified for the planned loan disbursement exercise. This was recently disclosed by NYIF on its official social media platforms. If you are one beneficiary who was not pre-qualified for the scheduled loan disbursement, this article will give you information about the reasons you were not pre-qualified for  this batch of NYIF loans disbursement. These reasons, we hope, will assist you to either correct or make informed decisions subsequently.

The management of the National Youth Investment Fund (NYIF) has disclosed why it did not pre-qualified some NYIF beneficiaries for the loan disbursement implementation. According to a publication made by NYIF, through its official social media handles, the affected applicants were not pre-qualified for diverse reasons. It was alleged that some applicants failed to submit accurate contact phone number for direct communication on further steps in the loan application process, while others reportedly had existing AGSMEIS or COVID-19 loan.

It was also mentioned that some applicants were found to be older than the required age of 35 years and below which, according to NYIF, did not only put them beyond the youth age bracket but rule them out of consideration for the NYIF loan. It is instructive to note that individuals who are older than 35 years are constitutionally not regarded as youths but adults in Nigeria.

Again, NYIF stated that applicants who have a poor loan credit rating and history or presently have a non-performing loan were also not pre-qualified for the reason of their non-performing loan. Another group of applicants who were not pre-qualified are those who failed to provide their Bank Verification Numbers (BVN). Some, NYIF said, submitted invalid, incomplete or incorrect BVN.

Meanwhile, 5, 000 applicants have been pre-qualified for training to prepare for the final clearance. The applicants and beneficiaries are therefore reminded that the NYIF loan is repayable and not a Grant as some people erroneously believed. It says that the Ministry of Youth and Sports Development is consulting with other collaborators to widen the loans disbursement platform to speed up the youth access to the fund.

For complaints regarding the latest on NYIF loans disbursement, you can send a mail to nyif@youthandsport.gov.ng.