Only N3 billion of the promised N12.5 billion is available for disbursement to youth under the Nigeria Youth Investment Fund, NYIF, which was approved last year.
The Ministry of Youth and Sports Development, which got approval of the Federal Executive Council for the Fund, had said the Central Bank of Nigeria, CBN, was directed to make N12.5 billion available in the first year of the Fund.
Checks by our correspondent however confirmed that the CBN has made only N3 billion available to NIRSAL Microfinance Bank, NMFB, through which some youth have secured loans of varying amounts under the Fund.
The youth are clamouring on social media and online platforms for more loans to be disbursed to enable them to grow their businesses as promised by NYIF.
In a document sent out this week, the Ministry said it was “in consultations with other partners to expand the loans disbursement platform to fast-track access to the Fund.”
Ministry sources hinted that it is talking with other financial institutions to support in making more loans available to the youth.