Federal Government disburses over N165 million to 239 beneficiaries of Youth Investment Fund

The Federal Government has announced that the Nigeria Youth Investment Fund (NYIF), has successfully implemented the disbursement of N165,700,000 worth of loans to 239 beneficiaries so far.

This was disclosed in a statement on Wednesday. the statement said the exercise has received 3 million applications so far.

It said, “The Nigeria Youth Investment Fund (NYIF), being implemented by Ministry of Youth and Sport , has successfully completed its pilot disbursement of loans totaling N165,700,000 to 239 beneficiaries ahead of the processing of the over three million applications so far received.”

They added that the fund “is being implemented by Youth Ministry in partnership with the CBN and Ministry of Finance and is being disbursed through NIRSAL”

The Federal Government approved the establishment of the N75 billion Nigerian Youth Investment Fund (NYIF) in July 2020. The government said it could reduce the increasing unemployment rate, which has been worsened by the COVID-19 pandemic, in the country.