This is to inform the general public especially those Nigerians that applied Nigeria Youth Investment Fund Loan. This article concern you as loan disbursement is about to start by Nirsal Microfinance Bank.
WHY THIS ARTICLE IS IMPORTANT TO APPLICANTS
Before now, there have been widespread rumour and complaint by applicants alleging the federal government of Nigeria of not been truthful to Nigerians especially those that applied for the loan scheme and the eventual disbursement.
In lieu of this, the federal ministry of youth and sports development has disbursed loans to about 5,200 applicants which amount to one billion six hundred and twenty-nine Nigeria currency (N1,629,220,000.00).
However, the federal ministry of youth and sports development is prepared to disburse further loan amount to about 25,000 Nigerian youth that fully applied during the application phase, this was contained and made available by Nirsal Microfinance Bank (NMFB). Nirsal microfinance bank is the major microfinance bank designate to make loan available and disburse to applicants.
TOTAL ELIGIBLE APPLICANTS APPROVED FOR FEDERAL MINISTRY OF YOUTH AND SPORTS DEVELOPMENT
Nirsal Microfinance Bank on behalf of the Federal Ministry of Youth and Sports Development have approved 6,054 total out of which 5,200 have received disbursements leaving 8,54 yet to receive their loan amount despite approval. Nirsal Microfinance Bank stated that the number of unqualified applicants at 721.
According to Nirsal Microfinance Bank, only N3 billion have been provided by the central Bank of Nigeria (CBN) out of the total N12.5 billion approved for the first tranche of the Nigeria Youth Investment Fund (NYIF). Still about 54.5% of the N3 billion have been disbursed.
Applicants who participated in the Nirsal Microfinance Bank (NMB) would soon receive the loan amount they are qualify to take from Nirsal Microfinance Bank. Time speeding up and the loan disbursement could start at any time applicants never thought or imagine.