NYIF N75bn youth fund: Ministry asks beneficiaries to reply email or risk losing loan
The Ministry of Youth and Sports Development has asked Nigerian youths to respond to their emails who have applied for loans under the Nigeria Youth Investment Fund (NYIF).
The Federal Executive Council (FEC) had approved N75 billion to set up the NYIF, an initiative of the Ministry of Youth and Sports Development, to financially empower youth between 2020 and 2023.
In a statement issued on Tuesday by Director of Press and Public Relations Mohamed Manga, the ministry said that beneficiaries whose application was successful should respond to the communication to complete the distribution process.
According to Manga, less than 14 percent of new applicants expected to be part of the loan out of 25,000 successful candidates who responded to emails confirming their approval for the soft loan.
He said the email sent contained instructions on how to use the money, but expressed concern that the response to the email was “considerable”.
He further said that the respondents have got their loans.
The statement read, “The Federal Ministry of Youth and Sports Development is currently offering a new round of distribution of the Nigeria Youth Investment Fund (#NYIF) to youth beneficiaries whose applications have been successful.
Out of over 25,000 successful candidates, less than 14% of the newly shortlisted applicants, who are expected to be part of the loan, have responded to an email confirming their approval for the soft loan.
“The email sent contains instructions on how to use the funds. The response to the email has been scant.
However, other respondents have received money in their PFI designated bank accounts.
“Shortlisted candidates should respond to the communication to complete the delivery process. Those who fail to respond risk losing the opportunity.
The Nigerian Youth Investment Fund (NYIF) is being distributed to youth who have identified business needs in the range of N250,000 to N3m depending on the scale of the business and its valuation.
“Around 6,000 youths have been benefitted from the first set of distributions in 2020 and the names of the beneficiaries have been made public.
Whereas in the second batch so far 4,375 have replied to their loan offer messages and received their funds.
“NYIF guidelines and procedures remain the same.”
However, some beneficiaries commented on the official Twitter page of the ministry expressing regret that they have not received the funds despite replying to emails.
LAPO Microfinance Bank put undue pressure on us, it has been more than a week since I filled the account opening form to receive the money but last week, a fresh loan application was filed in this regard and the entire process Despite the completion, nothing is done. Happened so far. this is frustrating