The Federal Government of Nigeria under the administration of President Muhammadu Buhari has through the Ministry of Youths and Sports, called on 25,000 Nigerians to please come and get their loans worth between N250,000 and N3,000,000 each.
The call was made after the Nigeria’s Ministry of Youth and Sport made public the information that there are about 25,000 Nigerian youths who the government have prepared loans for but have failed to come and collect it.
In a statement by the Director of Press and Public Relations of Ministry of Youths and Sports, Mohammed Manga, he explained that only about 14% of Nigerian youths qualified for the loans have turned up.
The loan which was facilitated under the Nigeria Youth Investment Fund (NYIF) have received applications and informed successful applicants of their loans approval.
According to the Ministry’s statement, successful applicants for the loans have been informed through their emails but many are yet to respond to the mail sent to them.
“The Federal Ministry of Youth and Sports Development is currently delivering a fresh round of disbursements of the Nigeria Youth Investment Fund (NYIF) to youth beneficiaries whose applications have been successful.
“Less than 14% of the newly shortlisted applicants from the over 25,000 successful candidates, who are expected to be part of the loan, have responded to emails confirming their approval to receive the soft loan,” the statement read in part.
Speaking further on how to go about the loan, the Ministry of Youth and Sport through their official twitter handle says Nigerians should check their emails for instructions.
“Instructions on how to access the funds are contained in the email sent,” the statement said.
The Ministry decried the low response that was gotten from Nigerian youths after their successful loan approvals explaining that should they fail to respond, they will seize the loan.
“The rate of response to the emails have been quite low. However, others who responded have received the funds into their PFI designated bank accounts.
“Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting this opportunity.
“The Nigerian Youth Investment Fund (NYIF) is being disbursed to the youth who have expressed business needs within a range of N250,000 to N3m depending on the scale of the business and its evaluation.”
The Ministry explained that about 6,000 Nigerian youths benefitted from the loan in 2020 and so far in the second batch, 4,375 youths have responded to their loan offer messages and received their funds.
The Federal Ministry of Youth and Sports Development (FMYSD) and the Central Bank of Nigeria launched the NYIF in 2020 which aims to financially empower Nigerian youth to generate at least 500,000 jobs between 2020 and 2023.
It was funded with an initial take-off seed capital of N12.5 billion.