THE Minister of Youth Development and Sports, Sunday Dare, has reacted to reports circulating regarding the delay in the disbursement of the Nigeria Youth Investment Fund.
Dare, who spoke to The punch through its multimedia special assistant, Toyin Ibitoye, said the ministry would start disbursing the NYIF at any time.
He said: “The funds for NYIF have actually been disbursed to fee-paying financial institutions who will make payments to those who have been selected and qualified for the loans. It is not true that the ministry is delaying the disbursement for cynical reasons.
“The ministry only got its first funds in January 2022. NYIF is a loan, and there are processes for that. The grants are in phases, depending on the scale of his or her business. Over 3.9 million young people applied for the grant, but not all qualified, and of those who qualified, not all would get N3 million. Some can get around N250,000, some N500,000 and some N3 million, depending on the valuation and size of their businesses. Disbursements will start anytime from now.
“Around 25,000 young people have applied and been contacted for this next phase of disbursements. All of these must go through strict procedures to ensure there are no mistakes. Some of those who qualify could confirm that they have been contacted via email to authenticate the process and ensure their identity We believe it is best to take extra care and ensure there are no errors and that those who deserve these loans get them rather than rush things and find mistakes.
All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior express written permission of PUNCH.
Contact: [email protected]