NYIF Loan: Only N3b available out of N12b for first year

The Federal Ministry of Youth and Sports Development has said only N3 billion of the promised N12.5 billion is available for disbursement to youths under the Nigeria Youth Investment Fund (NYIF).

The fund was approved last year.

The ministry, which got the Federal Executive Council (FEC) approval for the fund, had said the Central Bank of Nigeria (CBN) was directed to make N12.5 billon available in the first tranche of the fund.

But it was learnt that the CBN made only N3 billion available to NIRSAL Microfinance Bank (NMFB) through which some youths have secured loans under the fund.

Nigerian youths are clamouring on social media and online platforms for more loans to be disbursed to them to enable them grow their businesses, as promised by NYIF.

In a document sent out this week, the ministry said it was “in consultations with other partners to expand the loans disbursement platform to fast-track access to the fund”.

Sources at the ministry hinted that top officials were liaising with other financial institutions to seek support in making more loans available to the youth.