Did you apply for the Nigeria Youth Investment Fund, also known as NYIF Loan? if ‘yes’, you should endeavor to go through this post, as we give a more elucidated view of the explanation that came from Federal Ministry of Youth and Sports Development (FMYSD) regarding the amount to be funded during disbursement of loan. => Check your NYIF Loan Status <<
The reactions of some NYIF beneficiaries are being followed by the Ministry of Youth and Sports Development, especially those showing disappointment and frowning at the three hundred thousand (N300,000) cap on disbursement, under the first tranche of the twelve billion five hundred million naira (N12.5 billion).
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At first, the disbursement plan (framework) specified two hundred and fifty thousand naira (N250,000) as the maximum for individuals, while businesses that are experiencing critical declination can access up to three million nair (N3,000,000) as long as they meet up with stipulated criteria set in the loan conditions/guidelines.
For the fact that a larger number of applicants showed interest, there was need to increase the number of beneficiaries, so they can all enjoy the facility, as it is being spread uniformly.
It is pertinent to state that the ministry received more than three million applications for the twelve billion five hundred million naira (N12.5 billion) that is being budgeted for the program.
Now at the current cap of three hundred thousand naira (N300,000) for each person (beneficiary), only about forty one thousand (41,000) beneficiaries can be covered, leaving a larger population of the applicants behind.
Reaching as many beneficiaries as possible is the major aim of the ministry as at current, as they are desirous of assisting those that are really in need, hence the decision to reduce the loan amount becomes the only possible solution.
It may also interest you to know that most of those who applied have also benefitted other programs, which supported them fully, and are impacting the economy through them.
The best strategy now is to start with little funding, and gradually increased it, considering the fact that here are first time borrowers (those seeking for the loan as freshers), and that the programmes double edge, which includes mentoring, capacity building, support, and monitoring that will help sustain the beneficiaries with guarantee output.
Once there is additional funds, then and only then will the funds accessable be increased.
The Ministry is also making it clear to the general public that NYIF is not a grant but loan scheme meant to support youths with genuine plans to start a business or to gain access to funds which can increase the yield of their already existing businesses.
Don’t fail to share this update with others, as it might interest and help them with a better understanding regarding the NYIF Loan scheme.