FG explains why loans for youth investment funds are limited to N300,000 per beneficiary
With N300,000, the first N12.5 billion portion will cover only 41,000 beneficiaries.
The Federal Government has explained why it limited the loan amount to the current recipients of N75 billion Nigeria Youth Investment Fund (NYIF) to N300,000.
The government said it had to set a limit of N300,000 for individuals and qualified companies that meet the conditions and guideline to ensure it reaches as many recipients as possible.
The disclosure was made in a statement signed by the director of the press, the Federal Ministry of Youth and Sports Development, which said the funds were disbursed in stages.
What the statement from the Federal Ministry of Youth and Sports Development says
The statement said that the NRCCs available to the Ministry More than 30 million applications have been received for the billion and it has been added that at the current limit of N30,000 per beneficiary, only 41,000 beneficiaries can be included.
The ministry’s statement said in part: “The Ministry of Youth and Sports Development has provided some NYIF beneficiaries, especially those who have contributed Rs 300,000 crore in the first installment of N12.5 BN. Disappointed with the payment ceiling, watched with interest.
Previously, the designated framework for eligible individuals and companies could reach the N250,000 maximum that is critical, subject to the key criteria specified in the Guide and Conditions.