Punch Newspapers
Sections
Temiloluwa O’Peters
Published 12:22 am
The Ministry of Youth and Sports Development has said the disbursement of the Nigeria Youth Investment Fund is being done in phases.
A statement signed by the Director of Press on Monday explained that the ministry had received over three million applications for the initial N12.5bn made available.
It said at the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries could be covered.
According to the ministry, it had limited the loans to the current amount so as to reach as many beneficiaries as possible.
The statement read in part, “The Ministry of Youth and Sports Development has been following with interest the reaction of some beneficiaries of the NYIF, particularly those expressing disappointment at the N300,000 cap on disbursement under the first tranche of N12.5bn.