The Federal Ministry of Youth and Sports Development has disclosed reasons that some applicants may not get the NIRSAL/CBN approval for COVID-19 loans.
Many Nigerian youths have had their Nigeria Youth Investment Fund (NYIF) loans not approved by NIRSAL/CBN.
However, the Ministry of Youth and Sports Development in a statement said, “Total eligible applications approved stood at 6,054 out of which the 5,200 disbursements were made, leaving the number of those that have been approved but yet to get disbursement, at 854. The number of unqualified applicants for the batch stood at 721.
The Ministry revealed that some applications were turned down because the applicants did not provide valid information, while reminding beneficiaries and applicants that the monies disbursed by the Nigeria Youth Investment Fund (NYIF) were repayable loans.
Below are the reasons some applicants were not pre-qualified for loan disbursement:
- Applicant did not provide valid or correct phone number for communications on further steps in the loan application.
- Applicant has an existing AGSMEIS or COVID-19 Loan.
- Applicant is over 35 years old, which puts them beyond the age bracket for youths.
- Applicant has a poor credit rating or currently has a non-performing loan.
- Applicant failed to provide a valid, complete or correct BVN.
NYIF, which is supervised by the youth ministry, has disbursed loans to 5,200 youth amounting to about N1.63 billion, an update by the NIRSAL Micro Finance Bank (NMFB), says.
It added that the bank was prepared to disburse to another batch of 25,000 youth as soon as their loan applications were approved.
