The Ministry of Youth and Sports Development last year got approval from the Federal Executive Council, directing the Central Bank of Nigeria to make N12.5 billions available in the first tranche of NYIF operated by the ministry.
However, checks by our correspondent confirmed that only N3 billion has been made available by the CBN to NIRSAL Microfinance Bank through which some youths have secured loans of various amounts under the NYIF scheme. Meanwhile, the ministry in a statement said it has disbursed loans to 5,200 youths amounting to one billion, six hundred and twenty-nine million, two hundred and twenty thousand naira .
The information was contained in the latest update provided to the ministry by the NIRSAL Micro Finance Bank , which disbursed the loan. The update also showed plans to disburse funds to another batch of 25,000 youth as soon as their loan applications are approved. The total eligible applications, according to update, is 6054 out of which the 5,200 disbursements were made, leaving the number of those that have been approved but yet to get disbursement, at 854. The number of unqualified applicants for the batch is 721.