COVID-19 loan: Reason NIRSAL/CBN may not approve your loan

Alot Nigerians seems to be unaware of the reason why their Nigeria Youth Investment Fund (NYIF) loans were not authorised by NIRSAL/CBN.

Various people are even starting to have the mind set that only Nigerians with powerful “godfathers” have access to the loan.

To remove every misconception on such thoughts, the Federal Ministry of Youth and Sports Development made known to the public what might cause some applicants’ loans not to be approved.

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Reasons some appliers were not authorised to receive the COVID-19 Loan is stated below:
A. Inability to provide genuine or correct telephone numbers for communications on further measures in the loan application.
B. Existing AGSMEIS or COVID-19 Loan by the applicant.
C. Applicant has exceeded the age bracket for youths which is 35 years.
D. Poor credit rating or non-performing loan by the applicant.
E. Inability to provide a valid BVN by the applicant.
F. Failure to provide correct or complete BVN by the applicant.

NYIF: Don’t be in the dark

5,200 youth have benefitted from loans amounting to about N1.63 billion released by the Ministry of Youth and Sports Development via NYIF
This was disclosed in the recent information made available to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which is in charge of disbursing the loans.

The information also indicated that it was ready to disburse to some other set of 25,000 youth immediately their loan applications gets approval.

 “ 5,200 disbursements were made out of the 6054 total eligible applications approved, leaving the number of those yet to get disbursement but have been approved at 854. 721 unqualified applicants for the batch” excerpt from a statement issued by the ministry.

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It was gathered through a consultatory from the ministry that some applications were rejected because of the inability of the applicants to produce valid information as stated above.

The Ministry would like to reiterate to loan beneficiaries and applicants that the monies released by the Nigeria Youth Investment Fund (NYIF) are not grants but loans to be paid back.

In the meantime, some other set of 25,000 youth has met the required standard for grooming in anticipation of last clearance for disbursement, the Ministry also revealed that it’s in discussions with other partners with the aim of extending the loan disbursement platform so as to have a rapid means of accessing the funds.

Out of the N12.5 billion sanctioned for the first portion of the NYIF the Central Bank of Nigeria (CBN) has only provided N3 billion. 54.6 % of the N3 billion has been disbursed to approved applicants so far.
Around 25,000 have been arranged for approval, training and ultimate disbursement.