To all who applied for Nigeria Youth Investment Fund (NYIF) loan, please be informed that the Federal Government has commenced the disbursement of NYIF loans across the country.
According to the latest information gathered by NewsOnline Nigeria, the Federal Ministry of Youth and Sports Development, FMYSD has issued a statement on its official Twitter handle regarding the disbursement of NYIF loan to shortlisted beneficiaries.
In the statement, an appeal was made to the beneficiaries of the loan. The ministry sincerely begged shortlisted beneficiaries of the NYIF loan, over the reduction of the accessible amount to Three Hundred Thousand Naira (N300,000).
However, The Ministry of Youth and Sports Development noted that the accessible amount was decreased to N300,000 in order to ensure seamless distribution, and also to enable more beneficiaries enjoy the facility.
Therefore, based on the current economy challenge, and to cover majority of applicants, the ministry said the need to reduce the amount is necessary.
The ministry also noted they received no fewer than three million applications, for the N12.5 billion, which is ready for disbursement. Adding that from the N300,000 per beneficiary, only about 41,000 applicants can benefit from it.